The escrow process is an integral part of real estate transactions, ensuring that the transfer of property and funds occurs smoothly and securely. What is Escrow? Escrow involves a neutral third party, known as the escrow agent, who holds funds, documents, and instructions from both the buyer and seller until all conditions of the sale are met. This ensures that both parties meet their obligations before the property and money change hands. The escrow agent’s role is to follow the instructions given by the buyer and seller meticulously, ensuring that the transaction proceeds without issues ..read more

A Homeowner’s Policy of Title Insurance is essential in protecting property owners from legitimate or false title claims by previous owners or lien holders. More than one-third of residential real estate transactions encounter title issues that need resolution before closing to ensure they don’t burden the new owner. Common problems include existing liens, unpaid mortgages, and recording errors involving names, addresses, or legal descriptions. A Homeowner’s Title Insurance Policy offers protection to the owner and their heirs for as long as they hold an uninterrupted interest in the proper ..read more

The American dream of homeownership remains strong, even amid a volatile real estate market. In 2024, several key trends will shape the homebuying landscape, offering insights into the hopes and plans of aspiring homeowners. A recent survey of 1,003 Americans reveals that 41% plan to buy a home in 2024. This aspiration varies across demographics, with 43% of heterosexual Americans aiming to purchase a home, compared to 34% of LGBTQ+ individuals. Interestingly, Gen Zers show more confidence (37%) than millennials (30%) in achieving their homeownership dreams next year. When envisioning thei ..read more

A bill that would allow the city to demolish vacant, unsafe or abandoned buildings faster was approved unanimously yesterday by the Seattle City Council. Why it matters? The city has seen a rise in vacant building fires over the past three years — including one yesterday that killed one person and injured three — and is looking for more effective ways to deal with them. By the numbers Over 100 buildings in the city are currently deemed derelict, unsafe or a public nuisance, according to a report by Ann Gorman, a public safety analyst for the city. Over 40 are both vacant and unsafe and ..read more

 What comes to mind when you hear the word “wildfire?” Chances are, you didn’t visualize your own home, because in urban cities like Bellevue, the threat of wildfires seems unrealistic and distant. We live on city-sized lots in neighborhoods lined with paved streets, shared fences and fire hydrants every few hundred feet. Despite this, parts of our community are at risk of wildfires. Last year, Bellevue firefighters responded to over 200 brush and vegetation fires. Fortunately, none were catastrophic, but they could have been. With climate change exacerbating fire risks, and the Depar ..read more

While interest rates remain high, an increase in inventory and closed sales transactions signal that buyers and sellers are adjusting. Market Recap The real estate market has continued to pick up in accordance with typical seasonal patterns, with further increases in activity expected as we move fully into the summer months. The overall number of homes sold and the median sales price of those homes increased year-over-year. Interest rates have only slightly decreased over the past month, by 0.14 percentage points, to 7.03%. This means that prospective buyers’ purchasing power and prospectiv ..read more

Legislators have poured billions into housing and homelessness programs, mostly in the past two state budgets. For much of the past decade, the amount of money Washington lawmakers dedicated to housing and homelessness programs grew gradually, climbing from around $200 million to $400 million in each two-year budget between 2013 and 2021. But in the last four years, this spending has surged, according to an analysis of state spending data provided by the Office of Financial Management.  These figures show that more than $4 billion – or around 80% – of the roughly $5 billion directed t ..read more

Background In 2019, home sellers filed two class action lawsuits (known as Moerhl and Sitzer/Burnett) against the National Association of Realtors (“NAR”) and several large brokerage franchisors.  The plaintiffs alleged that the defendants conspired to inflate commissions pursuant to a mandatory NAR rule that requires the seller, via the listing broker, to offer compensation to the buyer’s broker. On October 31, 2023, a jury in Missouri rendered a $1.8 billion verdict in favor of the plaintiffs in Sitzer/Burnett.  Since that jury verdict, there have been more than 20 “copycat” case ..read more

Like a detached single-family home, a condo can be bought and sold by an individual owner. Like a rental apartment, a condo is usually (although not always) an attached unit that shares one or more of its walls, ceiling, or floors with one or more other separate units. It's sort of like an apartment that you can own, like a house. If you're interested in learning more about condos, read on for the details. Ownership in shared common areas There's one more important element of a condo: Unlike a house or a rental apartment, a condo comes with an ownership interest in the shared common areas ..read more

When it comes to townhouses, style is everything. With their tall, narrow profiles, these urban homes have a distinctive personality that can be spotted by townhouse aficionados blocks away. But what exactly is a townhouse, and how do you know if it’s the right fit for you? What is a townhouse? A townhouse is a housing unit with two or more stories. It's typically tall and narrow, and it usually shares at least one exterior wall with one or two similar homes next door. Townhouses are sometimes built in rows. When they are built this way and share external characteristics with neighborin ..read more