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Distressed Property Conveyance Act
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A Washington Supreme Court Opinion was issued on February 06, 2014
regarding the Distressed Property Conveyance Act.
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Washington State enacted the Distressed Property Conveyance Act several years ago as a means of providing consumer protection to home owners from unscrupulous real estate investors who engaged in equity skimming. Though the law has, in our opinion, far-reaching and some seemingly unattainable attributes, it is in fact law and one that we all have to live by.
The Washington State Supreme Court issued a new opinion on February 06, 2014. This opinion stems from litigation related to the Distressed Property Conveyance Act.
The opinion acknowledges the statutory provision of RCW 61.34 that includes properties that are either (1) "in danger of foreclosure or at risk of loss due to nonpayment of taxes" or (2) "in danger of foreclosure or...in the process of being foreclosed to a default under the terms of a mortgage."
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| Please take the time to read both the law and the opinion. If you are told that the law is not being enforced in Washington, that the seller can sign a disclosure that eliminates your risk or something comparable, please consider your reading of the law and consult with a Washington attorney for more accurate information. There are many ways to invest profitably in Washington without the risk of committing a Felony. |
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| Read the opinion by clicking here. Read RCW 61.34 by clicking here |
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| This opinion is not a surprise to most REIA Members nor is it a new law. This is "simply" the Washington State Supreme Court opinion on the existing law. It is also a good reminder to remain diligent in avoiding preforeclosures. As is common when investors work with home owners to buy distressed residential properties, the investor loses. |
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| The preceding statements are not intended as legal advise. |
| Please consult your Washington State licensed real estate attorney for details. |
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| Thank you for visiting REIA! |
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