[WSBAPT] Real Estate Purchase Option - Best Practice

Tue May 3 11:22:31 PDT 2016

You could draft the deed as a Transfer on Death deed and create estate
documents that reflect that persons share as being transferred already.
But keep in mind it might not be the parent that dies first. Also, an
agreement to purchase on death will not prevent probate as a PR or
Administrator would need to be appointed to transfer the property and a
REET would need to be filed and paid as it is a taxable purchase if money
is being exchanged.  I agree with Ralph placing the property into a trust
might be the best option for this property but it appears as though there
needs to be discussion about options other than just the parent passing
first.

On Tue, May 3, 2016 at 11:05 AM, Ralph Maimon <rmaimon at maimonlaw.com> wrote:

> 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
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> Seattle, WA 98112
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> *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
>
>
>
> The Law Office of G. Benjamin Lindsey III
>
> 2012 Grade Road, Suite 202
>
> Lake Stevens, WA 98258
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>
> Phone:   (425) 263-9585
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>
> website: www.gbl3law.com
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Mary K. Henderson
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