[WSBAPT] Transfer of house during probate - 2 heirs, 1 wants house - Deed?
Kirsten Samwel
kirstensamwel at gmail.com
Mon Sep 13 15:07:30 PDT 2021
Thanks so much - I do appreciate the advice. Have a great day!
Kirsten A. Samwel
Attorney at Law
Samwel Cousineau, PC
700 W. Evergreen Blvd.
Vancouver, WA 98660
Ph: (360)750-3789
Fax:(360)750-3788
kirstensamwel at gmail.com
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09/13/21,
03:06:57 PM
On Fri, Sep 10, 2021 at 2:07 AM Andrekita Silva <ak at seattle-silvalaw.com>
wrote:
> Law Office of
> F.ANDREKITA SILVA
> ____________________________________________
>
>
> September 10, 2021
>
> Kirsten,
>
> If the PR’s have not yet done so, they should have the real property
> appraised.
>
> If they wait until the house has been repaired and improved, it will
> be harder to go back and determine the value of the home at the time
> it was actually inherited or the date of death.
>
> Is there a reason the buying heir can’t execute a promissory note in
> favor of the selling heir in order to secure the selling heir’s
> interest?
>
> Unless there are employment issues, the home is in disrepair, and the
> home has a huge mortgage on it, so that there are concerns that the
> bank won’t take a risk or that the buying party won’t qualify for a
> refinance, if the heirs are in agreement on one buying and the other
> selling, it seems like it’s prudent to have them conclude that
> transaction.
>
> So, they should agree on a current price (based on the appraisal or on
> the average of two appraisals if one heir wasn’t happy with the first
> appraisal). Buying heir should execute a promissory note with the
> terms of payment. If buying heir will need time for the home to
> develop some equity in order to refinance again to pay off the selling
> heir, they can agree that the promissory note can be recorded after
> the first refinance. That will secure the selling siblings interest.
>
> Big major repairs and home improvements are always stressful. It is
> common for handshake agreements to go awry. If they agree on a price
> now but they don’t formalize the agreement in the form of a contract,
> other things can happen to make one heir or the another unhappy with
> the deal they reached- i.e., if there are problems with the
> construction and a contractor has to be sued, if the improvements were
> easy and fabulous and seller thinks they should receive more, etc.
>
> So, my vote would be that the heirs go about this in a
> straight-forward business- like manner but with time to pay the
> promissory note if needed.
>
> andrekita
> Law Office of F. Andrekita Silva
> 1325 Fourth Avenue, Suite 2000
> Seattle, Washington 98101
> 206-224-8288
> www.seattle-silvalaw.com
>
> Quoting Josh Grant <jgrant at accima.com>:
>
> > In my experience this is very hard to accomplish unless there is
> > cash equal to the value of the house in the estate. If you deed it
> > to both heirs, then both heirs have to borrow in order to get any
> > money.
> >
> > JOSHUA F. GRANT
> >
> > P. O. Box 619
> > Wilbur, WA 99185
> > 509 647 5578
> >
> >
> >
> > FROM: Kirsten Samwel[1]
> > SENT: Thursday, September 09, 2021 1:18 PM
> > TO: WSBA Probate & Trust Listserv[1]
> > SUBJECT: [WSBAPT] Transfer of house during probate - 2
> > heirs,1 wants house - Deed?
> >
> >
> >
> > Listmates,
> >
> > I have a probate where the two heirs are also the Co-PR's.
> > The main asset of the estate is the house. The heirs have agreed
> > that one of them will get the house and will buy the other heir
> > out. Problem is, the house needs a lot of work prior to the person
> > getting the house being financed for it. The one heir needs to be
> > protected as to his monetary interest in the house and the heir
> > getting it needs to get it in his name for financing. They do not
> > want to keep the probate open until the house is ready for
> > financing, so I was wondering, if I did a Quit Claim Deed from the
> > Estate (the house is paid for) to the two heirs as joint tenants
> > with right of survivorship, would that protect the heir getting
> > money as well as the heir getting the house, or does someone have a
> > better way to do this? Any and all thoughts or suggestions will
> > truly be appreciated. Thanks in advance.
> > Kirsten A.
> Samwel
> > Attorney at Law
> > Samwel Cousineau, PC
> > 700 W. Evergreen Blvd.
> > Vancouver, WA 98660
> > Ph: (360)750-3789
> > Fax:(360)750-3788
> > kirstensamwel at gmail.com[1]
> >
> > /This email message may contain information that is privileged
> >
> > -----------------------------------------------------------------------
> > The information contained in this message is intended only for the
> > personal and confidential use of the recipient(s) named above. If
> > the reader of this message is not the intended recipient or an agent
> > responsible for delivering it to the intended recipient, you are
> > hereby notified that you have received this document in error and
> > that any review, dissemination, distribution, or copying of this
> > message is strictly prohibited. If you have received this
> > communication in error, please notify us immediately, and delete the
> > original message./
> >
> > /NOTICE !/
> > /Samwel Cousineau, PC, does not accept service by
> > facsimile or electronic means, including email, unless specifically
> > agreed to in writing as set forth in Washington State Superior Court
> > Civil Rule 5(b)(7)./
> > / /
> > //IRS CIRCULAR 230 DISCLOSURE: To ensure compliance
> > with requirements imposed by the IRS, we inform you that any advice
> > relating to a Federal tax issue contained in this communication
> > (including any attachments) was not intended or written to be used,
> > and cannot be used, for the purpose of (i) avoiding tax-related
> > penalties under the Internal Revenue Code or (ii) promoting,
> > marketing or recommending to another party any matters addressed
> > herein. //
> > // //
> > // //
> > // //
> >
> > // //
> >
> >
> >
> > // [2]// //Sender notified by Mailtrack[2] //
> >
> > //09/09/21, 01:10:22 PM//
> >
> > ////
> >
> >
> >
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> andrekita
> Law Office of F. Andrekita Silva
> 1325 Fourth Avenue, Suite 2000
> Seattle, Washington 98101
> 206-224-8288
> www.seattle-silvalaw.com
> ***Disclaimer: Please note that RPPT listserv participation is not
> restricted to practicing attorneys and may include non-practicing
> attorneys, law students, professionals working in related fields, and
> others.***
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