[WSBAPT] Partial Sale & Partial Inheritance of Real Property

[Kristin Reeder]

Same in one of my cases.  Worked well.

 

Law Office of Kristin Lillquist Reeder, PLLC

PARKWOOD OFFICE CENTER

2370 130th Ave. NE #103

Bellevue, WA 98005

(425) 861-1109 ph.

(425) 882-0313 fax

www.KLRlaw.net <http://www.klrlaw.net/> 

 

This message is intended for the sole use of the individual and entity to
whom it is addressed, and may contain information that is privileged,
confidential and exempt from disclosure under applicable law.  If you are
not the intended addressee, nor authorized to receive this message, you are
hereby notified that you may not use, copy, disclose or distribute this
message or any information contained therein.  If you have received this
message in error please immediately advise the sender by reply email and
delete the message.

 

From: wsbapt-bounces at lists.wsbarppt.com
[mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Mike Winslow
Sent: Monday, July 18, 2016 2:27 PM
To: 'WSBA Probate & Trust Listserv'
Subject: Re: [WSBAPT] Partial Sale & Partial Inheritance of Real Property

 

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

 

This message is from an attorney, so it's confidential. If you are not the
intended recipient, it's too late to stop reading this message, but you may
not use it for any improper purpose. Huge Disclaimer available upon request.

 

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

 

*** NOTICE: ATTORNEY CLIENT COMMUNICATION - PRIVILEGED & CONFIDENTIAL.  This
communication may contain privileged or other confidential information. If
you are not the intended recipient, or believe that you have received this
communication in error, please do not print, copy, retransmit, disseminate,
or otherwise use the information. Also, please indicate to the sender that
you have received this communication in error, and destroy the copy you
received.***


_______________________________________________ WSBAPT mailing list
WSBAPT at lists.wsbarppt.com http://mailman.fsr.com/mailman/listinfo/wsbapt

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20160718/fe9d7ca9/attachment.html>