[WSBAPT] Partial Sale & Partial Inheritance of Real Property

[David Faber]

Working with a PR on an estate where everything is left to the children of
the deceased in equal shares. The estate owns real property that one of the
beneficiaries ("B") wants to take from the estate. The PR and B have
settled on a price (after having comp studies done by three real estate
brokers) and are prepared to move forward with the transaction. The problem
is that the house is valued at more than B's equal share of the estate
assets and, accordingly, we need to structure the transaction as part
purchase and part inheritance.

My question: how do I structure this properly? Note in the Purchase and
Sale Agreement that the agreed upon value of the property is [x] but that B
is purchasing the property in part and inheriting in part, and that B's
existing equity is such-and-such amount leaving an outstanding purchase
balance of $[x]?  If so, do I just claim a partial exemption on the Real
Estate Excise Tax Affidavit?

I hope I'm not overthinking this. Thank you for your help.

Best,
David J. Faber
Faber Feinson PLLC
210 Polk Street, Suite 1
Port Townsend, WA 98368
(360) 379-4110

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