[WSBAPT] gift of property with loan

[Ronald St. Hilaire]

Why not WAC 458-61A-203(1)?

 

  _____  

Ronald F. St. Hilaire · Attorney at Law

Liebler, Connor, Berry & St. Hilaire

1141 N. Edison, Suite C · Kennewick, WA  99336

(509) 735-3581 office · (509) 735-3585 fax

 <mailto:rfs at licbs.com> rfs at licbs.com ·
<http://www.bentonfranklinlaw.com> www.bentonfranklinlaw.com 

 

 

From: wsbapt-owner at lists.wsbarppt.com
[mailto:wsbapt-owner at lists.wsbarppt.com] On Behalf Of Krista MacLaren
Sent: Friday, August 22, 2014 1:10 PM
To: wsba probate & trust
Cc: Krista J. MacLaren
Subject: [WSBAPT] gift of property with loan

 

Listmates:

 

An unmarried  couple agreed to purchase a home.  Male provided down
payment and remodel money, and got the mortgage in his name alone.  Since
the first payment they have split the mortgage 70%-30%.  They have since
married and are executing a separate property agreement reflecting that
upon sale, he gets back his downpayment and remodel money, and remaining
equity is split 70-30.  

 

I think WAC 458-61A-201(6)(c)(v) would allow him to QCD property to
himself and wife either as jtwros or tic with no excise tax due if the
payment arrangement between them does not change as a result of the
transfer.  

 

My concern is this:  Would the recording of such a deed adversely effect
the loan?  Could they be required to refinance if W is on the deed?  Or
would lender not care about this?

 

Thank you very much for your thoughts!

 

 

Krista MacLaren
Attorney at Law
Northgate Executive Center II
9725 3rd Ave NE, Suite 600
Seattle WA 98115
(206) 523-6116

 

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