[WSBAPT] Real Estate Contract conundrum

[Amy Pivetta Hoffman]

All,

Seller and Buyers enter real estate contract ten years ago for 20 year term.  Now, a new buyer has arisen and old buyers and seller want to sell.  Seller and old buyers are close family.  New buyer unrelated.

The problem is that old buyers want to recoup what they've paid-new buyer has agreed to price that would cover remainder on contract plus what old buyers have paid.

I have gone around and around about how to handle this properly.  All parties tentatively agree on terms, I just can't figure out how to structure this properly.

My thoughts are:


1.    Seller gives Old Buyers Partial Fulfillment Deed.  No excise consequence.  Now Seller and Old Buyers are all Sellers with title, but Contract remains partially unpaid as to old buyers.

2.    If I draft a Deed and Purchaser's Assumption of Real Estate Contract, we don't get to modify for new price, etc. and Old Buyers are cut out without a separate agreement (Unsecured Promissory Note)

3.    If I draft a Fulfillment Deed, original Seller is cut out because he no longer owns and no way to get the rest of his money.

4.    If I draft an entirely new Real Estate Contract with new terms for all Sellers and New Buyer, the old contract hangs out there and clouds title.

Can anyone suggest a document path that will allow both Seller and Old Buyers to recoup their share of the new purchase price and not compromise title?

Help please!

Amy Pivetta Hoffman
Ph. 253.720.3020/F. 253.200.0855
PO Box 73040, Puyallup, WA  98373
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