[WSBAPT] Commercial Real Estate Contract Question-Legal Alternative?

[Mike Winslow]

No, you are giving good advice. Protect yourself by putting it in writing,
if the buyer insists on going off this cliff. Suggest you list the possible
consequences; eg. Judgment liens, improper pledge of property by seller
after the sale, ownership tied up in probate, etc.
 
Not sure what REK format you used, but LPB 45 is pretty nice.
Self-serving promotion warning. Recommend using a Contract Collection
Service, so buyer has proper record of credits of payments. Average sellers
are not very good at keeping accurate accounts. Amortization print outs lead
to problems.
Independent Note and Contract Collection Services-
http://incsnoteservices.com/
 
 
 
Michael A. Winslow
1204 Cleveland Ave.
Mount Vernon, WA 98273
Ph. 360-336-3321
Em. Mike at winslegal.com
 
This message is from an attorney, so it's confidential. If you are not the
intended recipient, it's too late to stop reading this message, but you may
not use it for any improper purpose. Huge Disclaimer available upon request.
 
From: wsbapt-bounces at lists.wsbarppt.com
[mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Amy Pivetta Hoffman
Sent: Wednesday, January 13, 2016 3:38 PM
To: WSBA Probate & Trust Listserv
Subject: [WSBAPT] Commercial Real Estate Contract Question-Legal
Alternative?
 
Hi All,
 
I drafted a Commercial Real Estate Contract (Seller carry) for my Buyer
client.  He wants this building bad.  Seller has a Due on Sale with his
current lender.  Seller does not want to ask the bank for permission to
carry a note and doesn't want to pay excise tax at recording.  Seller also
doesn't want to record.  My client asks if we can do this any other way.  I
tell him no because Seller could sell it out from underneath him or
refinance without concern to Buyer.
 
I have told my client that I don't see another way to do this that
adequately protects himself and his position.  I don't see that even a
"Lease to Buy" would avoid these questionable things the Seller wants.  I
will not let my client do a "handshake" deal on commercial property.  
 
Am I missing a legal and reasonable alternative here?
 
Amy Pivetta Hoffman
Ph. 253.720.3020/F. 253.200.0855
PO Box 73040, Puyallup, WA  98373
APH Logo_clr EMAIL LOGO
 
CONFIDENTIAL COMMUNICATION:  This email is intended only for the use of the
individual(s) or entity(ies) to whom it is addressed and may contain
confidential, privileged information.  If you have received this
communication in error, please immediately notify the sender electronically,
return the email to the above email address and delete it from your files.
Thank you.
 
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20160113/df90722e/attachment.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.jpg
Type: image/jpeg
Size: 2073 bytes
Desc: not available
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20160113/df90722e/image001.jpg>