[WSBAPT] Partial Sale & Partial Inheritance of Real Property

[Mike Winslow]

Instead of going to the trouble of "explaining things" to the Treasurer, you
could just do a distribution deed for the fractional share of the ownership
that is exempt as inheritance and cite the WAC exemption for inheritance on
the REETA. Then sell the remaining fractional interest under typical
purchase and sale agreement, with a PR's Deed and REETA for an arms-length
sale. With the Skagit Treasurer, this approach would involve less 'splainin.
 
We did that in an estate where sis wanted to buy out bro, needed to finance
the purchase of the additional interest and needed some conventional
transaction docs for the lender to process. 
Worked like  charm...
 
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 Marcia Mellinger
Sent: Monday, July 18, 2016 11:43 AM
To: WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] Partial Sale & Partial Inheritance of Real Property
 
That is what I have done in a situation as you describe. I have done a
supplemental statement on the excise tax affidavit that explains how the
inheritance and purchase amounts were calculated.  Best, Marcia
  _____  

From: david at faberfeinson.com
Date: Mon, 18 Jul 2016 10:37:44 -0700
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] Partial Sale & Partial Inheritance of Real Property
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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