[WSBAPT] title question

Thu Jun 18 12:54:09 PDT 2015

I looked into this issue for one client and the bank told us that it would trigger the due on sale clause, where the loan was taken out by one party prior to marriage and then after marriage the parties wanted to do a CP agreement.  I would suggest that the particular financial institution be contacted to ask how they would view the transaction.

                              _________________________

Carla J. Higginson, Attorney | Higginson Beyer, P.S.
Friday Harbor Office:
175 Second Street North, Friday Harbor, Washington 98250 | Telephone: (360) 378-2185 | Facsimile: (360) 378-3935
Seattle Office:
701 Fifth Avenue, Suite 5500, Seattle, Washington 98104 | Telephone: (206) 623-8888 | Facsimile: (360) 378-3935
carla at higginsonbeyer.com<mailto:carla at higginsonbeyer.com>

*************************************************************************************
CONFIDENTIALITY NOTICE:  The information in this electronic mail is legally privileged and confidential information intended only for the use of the individual or entity named above.  If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution or copy of the transmission is strictly prohibited.  If you have received this transmission in error, please delete the message and immediately notify us by telephone at (360) 378-2185 or by e-mail.  Internet Communications are not secure and subject to possible data corruption, either accidentally or on purpose, and may contain viruses.  Furthermore, e-mail is an informal method of communication and for these reasons, it will normally be inappropriate to rely on advice contained in an e-mail without obtaining written confirmation of it.  If we receive a request from you via e-mail, we will treat that as authority to reply by e-mail.
*************************************************************************************

From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Pearce Law PLLC
Sent: Thursday, June 18, 2015 12:44 PM
To: WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] title question

Not having done one of these myself before, I am wondering whether this type of transfer would violate any terms of existing loan documents (if the property is subject to a traditional mortgage)? Perhaps married couples are exempt due to community property laws, but I would love feedback from someone who knows.  Sharing in the title without directly becoming responsible to the lender may contradict terms of the loan. I know that in other contexts, any kind of transfer of full or even partial property rights will often trigger the due on sale clause due to being a violation of the loan terms.

Thoughts?

Sent from a mobile device - please excuse typos.

On Jun 18, 2015, at 12:13 PM, Vashonlaw <vashonlaw at aol.com<mailto:vashonlaw at aol.com>> wrote:
Given recent cases. I would have them both sign a community property agreement and record it. Then I would have him sign a deed from him to him and her, husband and wife, and put as consideration "to create community property." Then I would have her accept the deed, on the face of the deed,  and the status of the property as community property.

This is if you are really serious about them holding the property as community property and acquiring the benefits attached to that.

Margaret L. Koch
Smith and Koch
PO Box O
Vashon, WA 98070
206-463-9491
206-463-3405 (fax)
vashonlaw at aol.com<mailto:vashonlaw at aol.com>

Any  U.S. tax advice contained in this communication (including attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any plan or arrangement addressed in this email.

CONFIDENTIALITY: This message is intended to be confidential and directed as addressed above. The contents of this message and any attachments may be subject to the attorney-client privilege and/or work product doctrine and may not be disclosed in any way. If you have received this message by error, please inform us by replying to the above email address and then delete any copies from your hard drive and mail server.

-----Original Message-----
From: Rob Rowley <rob at rowleylegal.com<mailto:rob at rowleylegal.com>>
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Sent: Thu, Jun 18, 2015 10:03 am
Subject: Re: [WSBAPT] title question
Setting aside the community property aspects-by having her on title then grants her standing if she should ever seek foreclosure mediation.

Please note that effective May 15, 2015, my new address is 7 South Howard St., Suite 218, Spokane, WA 99201.  All other contact information remains the same.

[cid:image008.jpg at 01D0A9AD.A6917010]Robert R. Rowley | Attorney at Law
7 S. Howard St, Suite 218
Spokane, WA  99201
Telephone: (509) 252-5074
Mobile: (509) 994-1143
Facsimile: (509) 928-3084
Email: rob at rowleylegal.com<mailto:rob at rowleylegal.com>
Web Site: www.rowleylegal.com<http://www.rowleylegal.com>

Practice concentrated on business, real estate and general legal matters in Washington and Idaho.

[cid:image003.gif at 01D0A9AD.A686E8C0]<https://www.facebook.com/rowleylegal>[cid:image001.gif at 01D0A9C5.DD2C3DE0]<https://www.linkedin.com/pub/rob-rowley/11/172/b20>[cid:image005.gif at 01D0A9AD.A686E8C0]<https://twitter.com/ROBERTRROWLEY>[cid:image009.jpg at 01D0A9AD.A6917010]<http://www.yelp.com/biz/robert-r-rowley-spokane>

NOTICE: The contents of this message and any attachments may be protected by the attorney-client privilege, work product doctrine or other applicable protections.  If you are not the intended recipient or have received this message in error, please notify the sender and promptly delete the message.  Thank you for your assistance.
DISCLAIMER: You should recognize that responses provided by e-mail means are akin to ordinary telephone or face-to-face conversations and do not reflect the level of factual or legal inquiry or analysis which would be applied in the case of a formal legal opinion. A formal opinion may very well reach a different conclusion.

From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> [mailto:wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com>] On Behalf Of Sharon Rutberg
Sent: Thursday, June 18, 2015 9:36 AM
To: wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] title question

Hello, Listmates –

Clients are a married couple. He purchased the house they live in before they married and only his name is on the title. She helps pay the mortgage. They wish to have it treated as community property.

We are doing a simple Community Property Agreement stating that the house is their community property (as well as clarifying the status of some other property). Do you see any compelling reason also to create a new deed naming them both as owners? I suppose he would quitclaim to the two of them as a married couple.

As always, thanks for your wise guidance.

Sharon

Sharon C. Rutberg
Attorney at Law
1718 NW 56th Street, Suite 304
Seattle, WA 98107
Website: www.sharonrutberglaw.com<http://www.sharonrutberglaw.com>
206-409-2604
email at sharonrutberglaw.com<mailto:email at sharonrutberglaw.com>
Washington State Bar #47055
D.C. Bar #420576

NOTICES
The contents of this message and any attachments may be protected by the attorney-client privilege, work product doctrine, and/or other applicable protections. If you are not the intended recipient or have received this message in error, please notify the sender and promptly delete the message. Thank you for your assistance.

IRS Circular 230 Disclaimer: To ensure compliance with requirements imposed by the IRS, we inform you that to the extent this communication contains advice relating to a Federal tax issue, it is not intended or written to be used, and it may not be used, for (i) the purpose of avoiding any penalties that may be imposed on you or any other person or entity under the Internal Revenue Code or (ii) promoting or marketing to another party any transaction or matter addressed herein.

_______________________________________________

WSBAPT mailing

list

WSBAPT at lists.wsbarppt.com<mailto:WSBAPT at lists.wsbarppt.com>

http://mailman.fsr.com/mailman/listinfo/wsbapt

_______________________________________________
WSBAPT mailing list
WSBAPT at lists.wsbarppt.com<mailto:WSBAPT at lists.wsbarppt.com>
http://mailman.fsr.com/mailman/listinfo/wsbapt
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20150618/1fbc6dac/attachment.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.gif
Type: image/gif
Size: 1295 bytes
Desc: image001.gif
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20150618/1fbc6dac/image001.gif>