I stepped back in an attempt to gain some perspective. I realized many of the posts I was reading added little to my knowledge. I found many blog discussions digressed into cat fights… they were really just a battle of egos. But I couldn’t not read everything lest I miss some tidbit of knowledge.

When I started posting a series about real estate negotiating, I began to realize I might not be acting in the best interest of my clients. If I continued I would be posting a treatise on real estate negotiating… something at which I consider myself adept. While I initially thought it would great benefit to consumers, it could also easily disadvantage my clients – now and in the future. It reminded me of the scene in the movie Patton where George C. Scott is ready to ambush a tank column and says talking to himself out loud “Rommel, you magnificent SOB, I read your book.”

Of course, none of my potential bargaining counterparts probably read my blog or would take the time to do the research to find out. But I do, and therefore someone else might. So, I’m not going to proceed with that blog thread. I’ll just post it privately for client use.

I’m whittling and reorganizing my reader subscription list into prioritized categories. I skip what doesn’t appear important. If I miss something or don’t get to all posts, that’s OK. I figure if it’s that important it will show up again on multiple blogs.

Since the WA state legislature specifies the exact form of the property disclosure (commonly known in NWMLS land as the form 17), the clock on the buyer’s right to rescind their purchase and sale agreement based upon review of the form 17 will not start running. (Of course the regular disclaimers apply: I’m not providing legal advice, get your own appropriate legal counsel, etc., etc. )

According the RCW’s, a buyer may rescind their purchase agreement by providing written notice within 3 business days of receipt of the property disclosure form (without a reason).  Until the seller provides a “valid” form 17, the 3 business day clock doesn’t start.  This means a buyer would have legal basis to “get out” of a transaction… all the way up to closing if the seller fails to act.

However, the foregoing notwithstanding, the following transfers are exempt and do not require a property disclosure form:

1. A foreclosure, deed-in-lieu of foreclosure, or a sale by a lienholder who acquired the residential real property through foreclosure or deed-in-lieu of foreclosure**;
2. A gift or other transfer to a parent, spouse, or child of a transferor or child of any parent or spouse of a transferor;
3. A transfer between spouses in connection with a marital dissolution;
4. A transfer where a buyer had an ownership interest in the property within two years of the date of the transfer including, but not limited to, an ownership interest as a partner in a partnership, a limited partner in a limited partnership, a shareholder in a corporation, a leasehold interest, or transfers to and from a facilitator pursuant to a tax deferred exchange;
5. A transfer of an interest that is less than fee simple, except that the transfer of a vendee’s interest under a real estate contract is subject to the requirements of this chapter; and
6. A transfer made by the personal representative of the estate of the decedent or by a trustee in bankruptcy.\

Update:Â If you’re a FSBO looking for a property disclosure form (form 17 equivalent), you can find it here.

**Update 2:  See comments