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

[Eric Nelsen]

Nah. You are saving your client from himself here, I think. There is no scenario that I can think of where it is a good idea not to have a transaction recorded in the public record, or to delay payment of excise tax on a consummated transfer.

Sincerely,

Eric

Eric C. Nelsen
SAYRE LAW OFFICES, PLLC
1320 University St
Seattle WA  98101-2837
phone 206-625-0092
fax 206-625-9040



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
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