[WSBAPT] Real Estate Purchase Option - Best Practice

Tue May 3 11:05:34 PDT 2016

Maybe consider putting the property into a trust with testamentary directions?

Ralph Maimon
LAW OFFICE OF RALPH MAIMON, P.S.
2811 E. Madison Street, Suite 202
Seattle, WA 98112
(206) 323-0911 Office
(206) 462 1505  Fax
rmaimon at maimonlaw.com<mailto:rmaimon at maimonlaw.com>
www.maimonlaw.com

From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of G. (Gus) Benjamin Lindsey III
Sent: Tuesday, May 03, 2016 10:55 AM
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] Real Estate Purchase Option - Best Practice

Good morning,

I am coming in on the tail end of a situation and I am hoping that others can provide some insight on the most effective option for dealing with the issue. (And more importantly avoiding a estate dispute down the road!)

Married couple is purchasing real property (primary residence) with a parent of one spouse. (Apparently the parties are already in contract with the purchase scheduled to close any day now.)

For reasons unknown to me, the parties did not purchase to property as tenants-in-common right survivorship rights. However, the parties want to draft an agreement that gives the survivor the right to purchase any deceased person's share .  The main focus is allowing the married couple to purchase the parent's share without it having to go through probate(At this point, I am unsure as to how real property is handled in anyone estate plan but I have requested that information.)

Lurking in the shadows, in my opinion, is a potential dispute with the other children of the parent-real property owner upon the parent's death. The parties seem to be in denial about this potential dispute. (Culturally this family makes all decisions via consensus.)

Another option that has apparently been discussed is the married couple starting to acquire the parent's interest in the home now via payments.

This may be simple but there are so many cooks in the kitchen that I want to make sure that I am not missing anything.

Thanks!

Sincerely,

G. (Gus) Benjamin Lindsey III
Attorney-at-Law
[cid:image001.png at 01D1A52B.B68A78C0]

The Law Office of G. Benjamin Lindsey III
2012 Grade Road, Suite 202
Lake Stevens, WA 98258

Phone:   (425) 263-9585

website: www.gbl3law.com<http://cp.mcafee.com/d/2DRPoQ720Q96Qm74QPhOYUCqejtPqdSmnCbLI9CQrIILcnvd7a9J6XbbP5TS6jqdSmnCbK8ECUGX9mI0kHIBqMfQNOVJnpaRwvFzBPr5TLuj7fZvASrzD4-LsKCOed7fc3D6kQ-mKzp55mWr7axVZicHs3jq9J4TsTsS028A3SjZcsLxINgxGQOV2Hsbvg57OFeD6a4dyIJfBPqr33bxIQJwac38w5wiqnjh02_QYQg3l9XfPh05CUS9XjPh065FOH0Qg5Ph0c_ipEw2QtJelLdLFCNiA96NIQH0ct>

Employment/Labor Law     Construction Law     Civil Litigation     Estate Planning      Probate
Business Law

CONFIDENTIALITY NOTE: This e-mail message contains information belonging to The Law Office of G. Benjamin Lindsey III, which may be privileged, confidential and/or protected from disclosure.  The information is intended only for the use of the individual or entity named above.  If you think that you have received this message in error, please contact the sender.  If you are not the intended recipient, any dissemination, distribution or copying is strictly prohibited

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20160503/2c5f372e/attachment.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 7392 bytes
Desc: image001.png
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20160503/2c5f372e/image001.png>