Foreign s I'm your Washington Realtors Legal Hotline lawyer and with this uh episode we are going to revisit an issue that you should know and maybe many of you will but for the number of hotline questions I get about this topic I think we need a reminder when form 17 is delivered how does seller gain assurance that buyer has the form 17 and won't be able to terminate the transaction going forward based on the form 17. I've gotten questions recently along the lines of what if buyer doesn't sign the form 17 they just refuse to or buyer broker won't return it or in one case I got the question of what if seller never even delivers the form 17 can the transaction even close if the seller refuses to deliver a form 17 and the answer to both of those questions is deep rest it's okay the law does in fact require seller to deliver the form 17 assuming it's a transaction where the form 17 is required which is almost every transaction you're going to handle the easy thought rule of thumb is that if the property is owned if fee simple title to the property is held in the name of the estate of a deceased person and you will know that by looking at the title report then that transaction is exempt from the seller's disclosure act there are very few other exemptions so assuming that the form 17 is due the seller is required to deliver it but what if the seller doesn't deliver the form 17 what is the consequence of that the consequence is that unless buyer waives the right to receive the form 17 then then the buyer retains the right all the way until closing to...
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How to prepare Form 17
About Form 17
Form 17 refers to a legal document commonly used in real estate transactions, specifically for joint tenancy or tenancy in common ownership. It is also known as a "Declaration of Co-Ownership" or "Transfer of Land Form." The purpose of Form 17 is to disclose the respective interests and intentions of individuals who jointly own a property or share in its ownership. Form 17 is typically required by governing authorities, such as the land titles office or the local municipality where the property is situated. It is commonly used in situations like purchasing a property with multiple owners, adding or removing co-owners from a property title, or when changing the type of ownership from sole proprietorship to joint tenancy or tenancy in common. This form is essential for creating a clear record of ownership and helps protect the rights and interests of all parties involved, making it crucial for property owners, buyers, and sellers. By completing Form 17 accurately and submitting it to the relevant authority, all co-owners can ensure that their proportional interests and rights regarding the property are documented and legally recognized.
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