[WSBAPT] Title Co - indemnity agreement
Tom Pixton
tom at pixtonlaw.com
Thu May 6 13:40:36 PDT 2021
I always decline to sign such indemnity agreements and the title company backs down every time.
________________________________________________
Tom Pixton
PIXTON LAW GROUP
17355 SW Boones Ferry Road | Lake Oswego, OR 97035
Call: 503.968.2020 |
Fax: 503-598-7758
Tom at PixtonLaw.com<mailto:Tom at PixtonLaw.com>
http://www.pixtonlaw.com<http://www.pixtonlaw.com/>
Licensed in Oregon, Washington, and California
Accredited by the US Department of Veterans Affairs
[Description: naela]
From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Roger Hawkes
Sent: Thursday, May 6, 2021 10:11 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Title Co - indemnity agreement
Thanks, Phil. Makes sense☹
Roger Hawkes, WSBA # 5173
Shoreline Office: 19944 Ballinger Way NE
Shoreline, WA 98155
Sultan Office: 423 Main
Sultan, WA 98294
Phone: 206 367 5000; fax: 206 367 4005
Email: roger at law-hawks.com<mailto:roger at law-hawks.com>
Web site: www.hawkeslawfirm.com<http://www.hawkeslawfirm.com/>
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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 Philip N. Jones
Sent: Thursday, May 6, 2021 10:00 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: Re: [WSBAPT] Title Co - indemnity agreement
Yes. See RCW 83.100.120.
Phil Jones
Philip N. Jones
Duffy Kekel LLP
900 S.W. Fifth Ave. Suite 2500
Portland, OR 97204
pjones at duffykekel.com<mailto:pjones at duffykekel.com>
(503) 226-1371 – office
(503) 853-1482 – cell
(503) 226-3574 - fax
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 Roger Hawkes
Sent: Thursday, May 6, 2021 9:15 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: Re: [WSBAPT] Title Co - indemnity agreement
Generally speaking, a PR who does not ensure taxes are paid will be personally liable for the taxes. Correct?
Roger Hawkes, WSBA # 5173
Shoreline Office: 19944 Ballinger Way NE
Shoreline, WA 98155
Sultan Office: 423 Main
Sultan, WA 98294
Phone: 206 367 5000; fax: 206 367 4005
Email: roger at law-hawks.com<mailto:roger at law-hawks.com>
Web site: www.hawkeslawfirm.com<http://www.hawkeslawfirm.com/>
[cid:image006.jpg at 01D7427D.644C82C0]
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 Donna Calf Robe
Sent: Thursday, May 6, 2021 8:57 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: Re: [WSBAPT] Title Co - indemnity agreement
Thank you Jeff. I appreciate knowing how others are dealing with this.
Donna
Donna M. Calf Robe
Attorney
Brothers & Henderson, P.S.
2722 Eastlake Avenue East, Suite 200
Seattle, Washington 98102
Phone: (206) 324-4300 x113
Fax: (206) 324-3106
e-mail: donnac at brothershenderson.com<mailto:donnac at brothershenderson.com>
www.brothershenderson.com<http://www.brothershenderson.com/>
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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 Jeff at bellanddavispllc.com<mailto:Jeff at bellanddavispllc.com>
Sent: Thursday, May 6, 2021 8:52 AM
To: 'WSBA Probate & Trust Listserv' <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: Re: [WSBAPT] Title Co - indemnity agreement
Donna,
I am going through the exact same thing where the estate will owe Washington State tax in excess of six figures. We are selling three properties in King County. Title Company is trying to come up with a solution; we suggested a hold back, which it was not overly excited about. We have not seen its indemnity agreement, yet, but I would advise PR not to sign it if it makes him personally liable. Like your estate, the one I am dealing with has plenty of cash to pay the tax. Plus, the sales themselves will generate substantial cash. I suppose the reason the title company is concerned is that it is very likely the estate tax return will be audited, which might generate more tax. But can the DOR attach former estate real estate after it has been sold to a third party, good faith, purchaser? I will let you know what solution we arrive at.
Jeff
W. Jeff Davis
BELL & DAVIS PLLC
P.O. Box 510
720 E. Washington Street, Suite 105
Sequim WA 98382
Phone: (360) 683.1129
Fax: (360) 683.1258
email: jeff at bellanddavispllc.com<mailto:jeff at bellanddavispllc.com>
www.bellanddavispllc.com<http://www.bellanddavispllc.com/>
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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 Donna Calf Robe
Sent: Thursday, May 6, 2021 8:16 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: [WSBAPT] Title Co - indemnity agreement
List mates:
I recently opened a probate and soon after opening, the PR found a buyer for the estate owned house and closing is schedule for today. A week ago the title company requested the usual letter that there were no taxes owing. The estate will owe WA estate tax of I’m guessing about $55k, but there are plenty of funds to pay the tax. The title company requested the PR sign a very broad indemnity agreement in both her personal and individual capacity. She is not a beneficiary. They initially wanted other beneficiaries to sign as well, but there are many and some are minors so they dropped that request. I advised her against signing it. The title company then send another indemnity agreement yesterday afternoon, which is a little less broad, but not much, and includes an agreement that they can hold $55k back until the taxes are paid (which may be 18 months), and they can use the $55k to offset any of their damages, without notice.
I have not encountered a title company demanding this type of indemnification or holdback. Usually they are satisfied when I include in the tax letter that the estate has sufficient funds to pay the tax. I’m inclined the tell the PR to use a different title company, but the PR is anxious to get the sale completed.
Have others run into this? I don’t know if its now a standard practice, in which case going to another title company may not help.
Thank you,
Donna
Donna M. Calf Robe
Attorney
Brothers & Henderson, P.S.
2722 Eastlake Avenue East, Suite 200
Seattle, Washington 98102
Phone: (206) 324-4300 x113
Fax: (206) 324-3106
e-mail: donnac at brothershenderson.com<mailto:donnac at brothershenderson.com>
www.brothershenderson.com<http://www.brothershenderson.com/>
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The information transmitted in this e-mail message and attachments is attorney-client information, is privileged or confidential material and is intended only for the use of the individual or entity named above. You are hereby notified that any disclosure, copying, distribution, review by or taking of any action in reliance on the contents of this e-mail information by unauthorized persons is strictly prohibited. All personal messages are solely the views of the sender and are not to be attributed to Brothers & Henderson, P.S. If you have received this transmission in error, immediately notify the sender by reply e-mail and permanently delete this transmission and all copies including attachments.
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