What is a Purchase Option and What Can it Do for Me?

What is a purchase option? If you have ever purchased an item on layaway, you are familiar with the concept of a purchase option. Essentially, a purchase option is a contract whereby the Buyer (the “optionee”) reserves the right to acquire title to some defined property or asset from the Seller (the “optionor”) In other […]

What is Community Property?

What is Community Property? Many people are unfamiliar with the concept of community property. If you are a married individual living in one of the nine states that have adopted community property laws (including Washington and Idaho), community property can have a big impact on your property rights. Holding an asset as community property means […]

What are Covenants, Conditions, and Restrictions and How Can They Protect My Property?

What are covenants, conditions and restrictions? A common way to explain the complexity of property ownership is a “bundle of rights.” The title owner of property has the right to use, occupy, modify, destroy,mortgage, lease, sell, subdivide, and create restrictions regarding the use of real estate. Covenants conditions and restrictions (“CCRs”) are promises made by […]

What the Deed?!? What is a Quitclaim, Bargain and Sale, and Warranty Deed?

If you are a first-time buyer or seller of residential or commercial real estate, you probably have questions regarding the deed that will be used in your transaction. What does the deed do, aside from transferring title to real estate? A savvy buyer or seller should understand the important promises that a deed may contain. […]

What is a Seller Disclosure Statement and Why is it Important?

If you are considering purchasing a home, you may have many questions and concerns regarding the condition of the property and matters affecting title to the property. Although it is a good idea to obtain a home inspection from a licensed Washington home inspection company, the seller of the property may have very valuable information […]

Nontraditional Methods of Buying and Selling Real Estate

What was old has now become new again.  In the late 1970s through the mid-1980s, interest rates for the purchase of residential real property were volatile and reached numbers unthinkable today.  In 1980, home loan rates fluctuated from the low of 11% to a high of 21%.[1]  Yes, 21% interest on a home purchase!  Buying […]