[WSBAPT] Is this showing up on the listserv?

[Jayne Gilbert]

Thank you, John, that's exactly what we need!

On Wed, Feb 16, 2022 at 10:12 AM John McCrady <j.mccrady at pstitle.com> wrote:

> I would recommend checking out  whether Garn-St. Germaine prohibits the
> exercise of the due on sale.
>
>
>
> *(d)**Exemption of specified transfers or dispositions *With respect to a real
> property loan
> <https://www.law.cornell.edu/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-1202940583-2124459218&term_occur=999&term_src=title:12:chapter:13:section:1701j%E2%80%933> secured
> by a lien on residential real property containing less than five dwelling
> units, including a lien on the stock allocated to a dwelling unit in a
> cooperative housing corporation, or on a residential manufactured home
> <https://www.law.cornell.edu/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-2070006528-2124459219&term_occur=999&term_src=title:12:chapter:13:section:1701j%E2%80%933>,
> a lender
> <https://www.law.cornell.edu/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-1106367012-2124459217&term_occur=999&term_src=title:12:chapter:13:section:1701j%E2%80%933>may
> not exercise its option pursuant to a due-on-sale clause
> <https://www.law.cornell.edu/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-2106257779-2124459216&term_occur=999&term_src=title:12:chapter:13:section:1701j%E2%80%933>
> upon—
>
> *(1)*
>
> the creation of a lien or other encumbrance subordinate to the lender
> <https://www.law.cornell.edu/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-1106367012-2124459217&term_occur=999&term_src=title:12:chapter:13:section:1701j%E2%80%933>’s
> security instrument which does not relate to a transfer of rights of
> occupancy in the property;
>
> *(2)*
>
> the creation of a purchase money security interest for household
> appliances;
>
> *(3)*
>
> a transfer by devise, descent, or operation of law on the death of a joint
> tenant or tenant by the entirety;
>
> *(4)*
>
> the granting of a leasehold interest of three years or less not containing
> an option to purchase;
>
> *(5)*
>
> a transfer to a relative resulting from the death of a borrower;
>
> *(6)*
>
> a transfer where the spouse or children of the borrower become an owner
> <https://www.law.cornell.edu/definitions/uscode.php?width=840&height=800&iframe=true&def_id=12-USC-106164915-1510435011&term_occur=999&term_src=title:12:chapter:13:section:1701j%E2%80%933> of
> the property;
>
>
>
>
>
> John McCrady
>
> Counsel
>
> Puget Sound Title Company
>
> 5350 Orchard Street West
>
> University Place WA 98467
>
> 253-476-5721
>
> j.mccrady at pstitle.com
>
> [image: PRESIDENTS' DAY]
>
>
>
>
>
> *Beginning July 26, 2021, recording fees for most documents recorded in
> Washington will increase by $100
> <https://www.piercecountywa.gov/DocumentCenter/View/105275/Recording-Fee-Schedule-Effective-Jul-25-2021->.
> Please be sure to collect recording fees accordingly. Due to the above
> increase, our Reconveyance fees will also be increased by $100.00*
>
>
>
> *WARNING-FRAUDULENT FUNDING INSTRUCTIONS *
>
> Email hacking and fraud are on the rise to fraudulently misdirect funds.
> Please call your escrow officer immediately using contact information found
> from an independent source, such as the sales contract or internet, to
> verify any funding instructions received.  We are not responsible for any
> wire sent by you to an incorrect bank account.
>
>
>
>
>
> *From:* wsbapt-bounces at lists.wsbarppt.com <
> wsbapt-bounces at lists.wsbarppt.com> *On Behalf Of *Jayne Gilbert
> *Sent:* Tuesday, February 15, 2022 5:45 PM
> *To:* WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
> *Subject:* [WSBAPT] Is this showing up on the listserv?
>
>
>
> Contract to Buy RP w/ Mortgage and Taxes Owed
>
>
>
> I sent this to this listserv yesterday and did not get any
>
> feedback. Will somebody please let me know whether
>
> this question actually made it to the site?
>
>
>
> I have clients who have 2 homes on one parcel. Their
>
> son and wife live in the little house. They want to sell the
>
> property to the son and switch houses.
>
>
>
> *Correction *There are significant taxes owed on the property
>
> and a mortgage.
>
>
>
> The son is selling his out of state home and plans to
>
> make a significant down payment and then they will be
>
> making monthly payments to his parents.
>
>
>
> Generally: Will recording the contract make the mortgage and
>
> taxes due on sale. (plz set aside reviewing the mortgage
>
> language first).
>
>
>
> I have mentioned reserving a life estate in the property
>
> for the parents-they were not warm on the subject I also
>
> discussed a TODD and a Will. They do intend to give all
>
> their interest in the property upon the death of the survivor.
>
>
>
> Thanks
>
> --
>
> *************************************************
>
> Jayne Marsh Gilbert
>
> Gilbert and Gilbert Lawyers, PS
>
> (360) 336-9515
>
> *************************************************
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-- 
*************************************************
Jayne Marsh Gilbert
Gilbert and Gilbert Lawyers, PS
(360) 336-9515
*************************************************
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