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

[Mike Winslow]

Interestingly, I received a call today from a potential client that did
exactly what Amy's client wants to do. Buyer did the deal off record. Seller
went on Medicaid based programs. DSHS filed a lien for the services
recently, just before the deal was to formally close after three years of
proceeding off record.
 
Michael A. Winslow
1204 Cleveland Ave.
Mount Vernon, WA 98273
Ph. 360-336-3321
Em. Mike at winslegal.com
 
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From: wsbapt-bounces at lists.wsbarppt.com
[mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Eric Nelsen
Sent: Wednesday, January 13, 2016 4:25 PM
To: WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] Commercial Real Estate Contract Question-Legal
Alternative?
 
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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