Edmonds

Non-Judicial

In a non-judicial foreclosure state, the lender does not need to go through the court system in order to foreclose on a property. This process can be quicker and less expensive for the lender compared to a judicial foreclosure.

Title companies, independent escrow companies, lenders, and attorneys may handle escrows. An attorney must prepare real estate documents, but there is a limited practice rule which lets licensed non-attorneys prepare most of the commonly used real estate documents. Conveyance is by warranty deed. Both deeds of trust with private power of sale and mortgages are used as security instruments. Mortgages require judicial foreclosure. Deeds of trust require that a notice of default be sent first and 30 days later, a notice of sale. The notice of sale must be recorded, posted, and mailed at least 90 days before the sale, and the sale cannot take place any earlier than 190 days after the actual default. Sellers generally pay the title insurance premiums and the revenue tax; buyers and sellers split everything else. Property taxes are payable April 30th and October 31st. Washington is a community-property state.

Payable ApriI 30th and October 31st

YES. Property management is expressly considered a real estate brokerage activity under existing Washington real estate licensing laws. If a property manager is going to perform property management services (including marketing, leasing, renting; the physical, administrative, or financial maintenance of real property; or the supervision of such actions) for compensation, he or she will need a broker's license. A Washington broker must be working under a managing broker to engage in such activities.

YES. For example, any person employed by a managing broker if the person is limited in property management to any of the following activities: - Delivering a lease application, a lease, or any amendment thereof to any person; - Receiving a lease application, lease, or amendment thereof, a security deposit, rental payment, or any related payment for delivery to and made payable to the real estate firm or owner; - Showing a rental unit to any person, or executing leases or rental agreements, and the employee or retainee is acting under the direct instruction of the owner or designated or managing broker - Providing information about a rental unit, a lease, an application for lease, or a security deposit and rental amounts to any prospective tenant; or - Assisting in the performance of property management functions by carrying out administrative, clerical, financial, or maintenance tasks. For more information about these and other Washington property management requirements and exceptions, please contact the Washington Real Estate Commission. Before hiring a property manager to manage your Washington rental property, you should always check that he or she is licensed appropriately. You can check the license status of Washington property managers using the Washington Business and Professional License Search Tool.

There is no requirement that a community association manager in Washington hold a real estate broker's license. Common interest community managers are specifically exempt from licensure as a real estate broker as of June 7, 2012, unless they promote the purchase, exchange, optioning, leasing, renting of a specific real property interest.

Washington real estate broker licensing requirements include: - Age: must be at least 18 years old - High School: must have a high school diploma or equivalent - Education: must furnish proof of successful completion of 90 hours of instruction in real estate, specified by the Director of the Real Estate Commission; courses must be completed within 2 years of applying for the broker's exam - Exam: must pass the broker's license exam