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

[Josh Grant]

You are correct.  Isn’t failure to pay excise tax a no no?  maybe even criminal?

From: Amy Pivetta Hoffman 
Sent: Wednesday, January 13, 2016 3:37 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



 

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