[WSBAPT] Getting loan in purchasing partial interest in property

[Jennifer Sohn]

Would it make sense for all 3 owners (rather than just the 2) to sell to my
client's son and he can get a mortgage under his name only, then assigns
1/3 interest to my client?

On Thu, Mar 17, 2016 at 9:34 PM, Jennifer Sohn <jennifer at sohn-law.com>
wrote:

> Hello, my client owns a commercial property with 2 others. There is no
> mortgage on the property. 2 of the owners will be bought out by my client's
> son, and the son needs to get a loan to purchase this partial interest. The
> desire is for my client to continue to be debt-free on her 1/3 interest,
> and for her son to be the sole person responsible for his loan.
>
> The problem is, there is no bank who will make a loan to the son with only
> 2/3 of the property as collateral.
>
> Has anyone dealt with this situation? How does a tenant-in-common normally
> get a loan (does he always need the other tenants-in-common to put up their
> interest in the property as collateral when he needs a loan?)
>
> Thanks!
>
>
>
>
>
>
>
> --
>
> Best regards,
>
>
>
> Jennifer Y. Sohn
>
> Attorney at Law
>
> (Licensed in CA and WA)
>
> Sohn Law PLLC
>
> 10900 NE 4th Street, Suite 1850
>
> Bellevue, WA 98004
>
> Tel: 206.617.7874 / 425.633.2678
>
> Fax: 425.732.9748
>
> Email: jennifer at sohn-law.com
>
> http://www.sohn-law.com
>
>
>
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-- 

Best regards,



Jennifer Y. Sohn

Attorney at Law

(Licensed in CA and WA)

Sohn Law PLLC

10900 NE 4th Street, Suite 1850

Bellevue, WA 98004

Tel: 206.617.7874 / 425.633.2678

Fax: 425.732.9748

Email: jennifer at sohn-law.com

http://www.sohn-law.com



Confidential. This electronic mail transmission and any accompanying
documents contain information belonging to the sender which may be
confidential and legally privileged. This information is intended only for
the use of the individual or entity to whom this electronic mail
transmission was sent as indicated above. If you are not the intended
recipient, any disclosure, copying, distribution, or action taken in
reliance on the contents of the information contained in this transmission
is strictly prohibited. If you have received this transmission in error,
please delete the message. Thank you.



Circular 230 Disclaimer. Any U.S. federal tax advice contained in this
communication (including any attachments) is not intended or written to be
used, and may not be used, for the purpose of (i) avoiding penalties under
the internal revenue code or (ii) promoting, marketing or recommending to
another party any transaction or matter addressed herein.
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