[WSBAPT] deed question

[Eric Lanza]

Deed in lieu of foreclosure perhaps.
 WAC 458-61A-208 for REETA

Eric J. Lanza, J.D.

Sent from my iPhone

On Nov 5, 2020, at 12:41 PM, Tom Westbrook <tjw at w3net.net> wrote:



Hi Jenna,

So this sounds like it was a SWD to Buyer and a Note and DOT back to Seller. If that is the case, then you not only want a SWD from Buyer but you need to cancel the Note and get rid of the Deed of Trust as well. It would not be the typical Reconveyance of DOT since the Note has not been paid in full. I recommend you discuss with the title company that is the Trustee of the DOT on how they want you to handle that. I would also use the belt and suspenders approach of having an agreement between Seller and defaulting Buyer to fully memorialize the agreement that includes clauses for disputes, legal fees and costs, and both parties signing any other documents as needed by the Trustee. etc.

Sincerely,

Tom

Thomas J. Westbrook
Attorney at Law

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From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> <wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com>> On Behalf Of Jenna Brozik
Sent: Wednesday, November 04, 2020 2:46 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: [WSBAPT] deed question

Hello listmates,

I am working on a probate in which the deceased owns property that has an owner contract and the buyer was paying a certain amount per month through Escrow.

The buyer has defaulted and not paid for the last two months.  The PRs agreed to sell the property and not go through the default process so long as the buyer deeds the property to the PRs to sell.

Should this be a quitclaim deed or a warranty deed?  And what tax exemption would apply?
Right now the buyer has ownership of the property by a statutory warranty deed.

Thanks in advance!
Jenna Brozik
Attorney at Law
Prinz & Brozik PLLC
445 S Grand Ave
Pullman, WA 99163
(509)338-0908 / (509) 338-3527 (fax)
jennaprinzlaw at gmail.com<mailto:jennaprinzlaw at gmail.com>

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