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</o:shapelayout></xml><![endif]--></head><body bgcolor=white lang=EN-US link="#0563C1" vlink="#954F72" style='tab-interval:.5in'><div class=WordSection1><p class=MsoNormal><span style='mso-ascii-font-family:Calibri;mso-fareast-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D'>Bob has <span style='mso-spacerun:yes'> </span>it right on. Here is a sample form from the LPO form site at the WSBA.<o:p></o:p></span></p><p class=MsoNormal><span style='mso-ascii-font-family:Calibri;mso-fareast-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D'>Also, the link to the LPO forms. You probably want the LPB 44. The 45 is for commercial and farms.<o:p></o:p></span></p><p class=MsoNormal><span style='mso-ascii-font-family:Calibri;mso-fareast-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D'><a href="http://www.wsba.org/Licensing-and-Lawyer-Conduct/Limited-Licenses/Limited-Practice-Officers/LPO-Forms">http://www.wsba.org/Licensing-and-Lawyer-Conduct/Limited-Licenses/Limited-Practice-Officers/LPO-Forms</a><o:p></o:p></span></p><p class=MsoNormal><span style='mso-ascii-font-family:Calibri;mso-fareast-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D'>If you have questions about completing the form, or how to structure these, call me.<o:p></o:p></span></p><p class=MsoNormal><span style='mso-ascii-font-family:Calibri;mso-fareast-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='mso-ascii-font-family:Calibri;mso-fareast-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D'>Your clients should also use a contract collection service to receive and track payments. The <i style='mso-bidi-font-style:normal'>do it yourself</i> approach to collecting payments results in poor payment tracking, improper calculation and tracking of actual receipt of principal and interest and then incorrect reporting of interest received for income tax purposes.<o:p></o:p></span></p><p class=MsoNormal><span style='mso-ascii-font-family:Calibri;mso-fareast-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D'>Check out INCS for collection of payments. The typical setup fee is only $125, or $150 if the Fulfilment Deed is held in true escrow (which is beneficial to the buyer<span style='mso-spacerun:yes'> </span>if the seller dies), and the monthly service fee is only $10. I am handling a quiet title for a buyer who did not receive a fulfilment deed because they paid off 20 years ago and thought that was that. Sad story. True escrow avoids that problem.<o:p></o:p></span></p><p class=MsoNormal><span style='mso-ascii-font-family:Calibri;mso-fareast-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='mso-ascii-font-family:Calibri;mso-fareast-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D'><a href="http://incsnoteservices.com/">http://incsnoteservices.com/</a><o:p></o:p></span></p><p class=MsoNormal><span style='mso-ascii-font-family:Calibri;mso-fareast-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='mso-ascii-font-family:Calibri;mso-fareast-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D'>Full disclosure: My wife and I own this collection service. We have a full time Operations Manager, Tracey Lockwood. Feel free to call her.<o:p></o:p></span></p><p class=MsoNormal><span style='mso-ascii-font-family:Calibri;mso-fareast-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='mso-ascii-font-family:Calibri;mso-fareast-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D'>Mike Winslow<o:p></o:p></span></p><p class=MsoNormal><span style='mso-ascii-font-family:Calibri;mso-fareast-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D'><o:p> </o:p></span></p><div><p class=MsoNormal style='mso-layout-grid-align:auto;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'><span style='mso-ascii-font-family:Calibri;mso-fareast-font-family:"Times New Roman";mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D;position:relative;top:0pt;mso-text-raise:0pt;mso-no-proof:yes'>Michael A. Winslow<o:p></o:p></span></p><p class=MsoNormal style='mso-layout-grid-align:auto;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'><span style='mso-ascii-font-family:Calibri;mso-fareast-font-family:"Times New Roman";mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D;position:relative;top:0pt;mso-text-raise:0pt;mso-no-proof:yes'>1204 Cleveland Ave.<o:p></o:p></span></p><p class=MsoNormal style='mso-layout-grid-align:auto;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'><span style='mso-ascii-font-family:Calibri;mso-fareast-font-family:"Times New Roman";mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D;position:relative;top:0pt;mso-text-raise:0pt;mso-no-proof:yes'>Mount Vernon, WA 98273<o:p></o:p></span></p><p class=MsoNormal style='mso-layout-grid-align:auto;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'><span style='mso-ascii-font-family:Calibri;mso-fareast-font-family:"Times New Roman";mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D;position:relative;top:0pt;mso-text-raise:0pt;mso-no-proof:yes'>Ph. 360-336-3321<o:p></o:p></span></p><p class=MsoNormal style='mso-layout-grid-align:auto;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'><span style='mso-ascii-font-family:Calibri;mso-fareast-font-family:"Times New Roman";mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D;position:relative;top:0pt;mso-text-raise:0pt;mso-no-proof:yes'>Em. Mike@winslegal.com<o:p></o:p></span></p><p class=MsoNormal style='mso-layout-grid-align:auto;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'><span style='mso-ascii-font-family:Calibri;mso-fareast-font-family:"Times New Roman";mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D;position:relative;top:0pt;mso-text-raise:0pt;mso-no-proof:yes'><o:p> </o:p></span></p><p class=MsoNormal style='mso-layout-grid-align:auto;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'><span style='mso-ascii-font-family:Calibri;mso-fareast-font-family:"Times New Roman";mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D;position:relative;top:0pt;mso-text-raise:0pt;mso-no-proof:yes'>This message is from an attorney, so it’s confidential. If you are not the intended recipient, it’s too late to stop reading this message, but you may not use it for any improper purpose. Huge Disclaimer available upon request.<o:p></o:p></span></p></div><p class=MsoNormal><span style='mso-ascii-font-family:Calibri;mso-fareast-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D'><o:p> </o:p></span></p><div><div style='border:none;border-top:solid #B5C4DF 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal style='mso-layout-grid-align:auto;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'><b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif";color:windowtext;position:relative;top:0pt;mso-text-raise:0pt'>From:</span></b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif";color:windowtext;position:relative;top:0pt;mso-text-raise:0pt'> wsbapt-bounces@lists.wsbarppt.com [mailto:wsbapt-bounces@lists.wsbarppt.com] <b>On Behalf Of </b>Robert R. Cole<br><b>Sent:</b> Friday, June 12, 2015 4:49 PM<br><b>To:</b> WSBA Probate & Trust Listserv<br><b>Subject:</b> Re: [WSBAPT] Real Estate Contract conundrum<o:p></o:p></span></p></div></div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>It is called a "wrap around" contract. New REC with the New Buyer paying both the Original Seller and the Old Buyer their equity. It is actually on the standard REC form as an "Assumed Obligation", and there will also be Payment of Amount Financed by Seller. It is actually rather straightforward. Us old codgers did it all the time in the 80s.<o:p></o:p></p><div><p class=MsoNormal>Very Truly Yours,<o:p></o:p></p><p class=MsoNormal>Robert R. Cole<o:p></o:p></p><p class=MsoNormal>Law Office of Cole & Gilday, P.C. <o:p></o:p></p><p class=MsoNormal> <o:p></o:p></p><p class=MsoNormal>10101 - 270th St. NW <o:p></o:p></p><p class=MsoNormal>P.O. Box 249 <o:p></o:p></p><p class=MsoNormal>Stanwood, WA 98292 <o:p></o:p></p><p class=MsoNormal>(360) 629-2900 (Telephone) <o:p></o:p></p><p class=MsoNormal>(360) 629-0220 (Fax) <o:p></o:p></p><p class=MsoNormal> <o:p></o:p></p><p class=MsoNormal>This message contains confidential and privileged information that is intended only for the named recipient(s).<span style='mso-spacerun:yes'> </span>Unless you are the named recipient or authorized agent thereof, you are prohibited from reading, copying, distributing or otherwise disseminating such information.<span style='mso-spacerun:yes'> </span>If you receive this communication in error, please notify the sender immediately.<o:p></o:p></p><p class=MsoNormal> <o:p></o:p></p></div><div><p class=MsoNormal style='mso-layout-grid-align:auto;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'><span style='mso-bidi-font-size:12.0pt;position:relative;top:0pt;mso-text-raise:0pt'>On 6/12/2015 4:26 PM, Amy Pivetta Hoffman wrote:<o:p></o:p></span></p></div><blockquote style='margin-top:5.0pt;margin-bottom:5.0pt'><p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>All,</span><o:p></o:p></p><p class=MsoNormal><span style='font-family:"Arial","sans-serif"'> </span><o:p></o:p></p><p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>Seller and Buyers enter real estate contract ten years ago for 20 year term. Now, a new buyer has arisen and old buyers and seller want to sell. Seller and old buyers are close family. New buyer unrelated. </span><o:p></o:p></p><p class=MsoNormal><span style='font-family:"Arial","sans-serif"'> </span><o:p></o:p></p><p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>The problem is that old buyers want to recoup what they’ve paid-new buyer has agreed to price that would cover remainder on contract plus what old buyers have paid.</span><o:p></o:p></p><p class=MsoNormal><span style='font-family:"Arial","sans-serif"'> </span><o:p></o:p></p><p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>I have gone around and around about how to handle this properly. All parties tentatively agree on terms, I just can’t figure out how to structure this properly.</span><o:p></o:p></p><p class=MsoNormal><span style='font-family:"Arial","sans-serif"'> </span><o:p></o:p></p><p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>My thoughts are:</span><o:p></o:p></p><p class=MsoNormal><span style='font-family:"Arial","sans-serif"'> </span><o:p></o:p></p><p class=MsoListParagraph style='text-indent:-.25in;mso-list:l0 level1 lfo2'><![if !supportLists]><span style='mso-fareast-font-family:Calibri;mso-bidi-font-family:Calibri'><span style='mso-list:Ignore'>1.<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-family:"Arial","sans-serif"'>Seller gives Old Buyers Partial Fulfillment Deed. No excise consequence. Now Seller and Old Buyers are all Sellers with title, but Contract remains partially unpaid as to old buyers.</span><o:p></o:p></p><p class=MsoListParagraph style='text-indent:-.25in;mso-list:l0 level1 lfo2'><![if !supportLists]><span style='mso-fareast-font-family:Calibri;mso-bidi-font-family:Calibri'><span style='mso-list:Ignore'>2.<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-family:"Arial","sans-serif"'>If I draft a Deed and Purchaser’s Assumption of Real Estate Contract, we don’t get to modify for new price, etc. and Old Buyers are cut out without a separate agreement (Unsecured Promissory Note)</span><o:p></o:p></p><p class=MsoListParagraph style='text-indent:-.25in;mso-list:l0 level1 lfo2'><![if !supportLists]><span style='mso-fareast-font-family:Calibri;mso-bidi-font-family:Calibri'><span style='mso-list:Ignore'>3.<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-family:"Arial","sans-serif"'>If I draft a Fulfillment Deed, original Seller is cut out because he no longer owns and no way to get the rest of his money. </span><o:p></o:p></p><p class=MsoListParagraph style='text-indent:-.25in;mso-list:l0 level1 lfo2'><![if !supportLists]><span style='mso-fareast-font-family:Calibri;mso-bidi-font-family:Calibri'><span style='mso-list:Ignore'>4.<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-family:"Arial","sans-serif"'>If I draft an entirely new Real Estate Contract with new terms for all Sellers and New Buyer, the old contract hangs out there and clouds title.</span><o:p></o:p></p><p class=MsoNormal><span style='font-family:"Arial","sans-serif"'> </span><o:p></o:p></p><p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>Can anyone suggest a document path that will allow both Seller and Old Buyers to recoup their share of the new purchase price and not compromise title?</span><o:p></o:p></p><p class=MsoNormal><span style='font-family:"Arial","sans-serif"'> </span><o:p></o:p></p><p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>Help please!</span><o:p></o:p></p><p class=MsoNormal><span style='font-family:"Arial","sans-serif"'> </span><o:p></o:p></p><p class=MsoNormal style='line-height:120%'><span style='font-family:"Arial","sans-serif"'>Amy Pivetta Hoffman</span><o:p></o:p></p><p class=MsoNormal style='line-height:120%'><span style='font-size:10.0pt;line-height:120%;font-family:"Arial","sans-serif"'>Ph. 253.720.3020/F. 253.200.0855</span><o:p></o:p></p><p class=MsoNormal style='line-height:120%'><span style='font-size:10.0pt;line-height:120%;font-family:"Arial","sans-serif"'>PO Box 73040, Puyallup, WA 98373</span><o:p></o:p></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial","sans-serif"'><img border=0 width=94 height=62 id="Picture_x0020_1" src="cid:image001.jpg@01D0A5B0.FDC57DF0" alt="APH
Logo_clr EMAIL LOGO"></span><o:p></o:p></p><p class=MsoNormal><span style='font-size:8.0pt;font-family:"Arial","sans-serif"'> </span><o:p></o:p></p><p class=MsoNormal><span style='font-size:8.0pt;font-family:"Arial","sans-serif";color:#2A2A2A'>CONFIDENTIAL COMMUNICATION: This email is intended only for the use of the individual(s) or entity(ies) to whom it is addressed and may contain confidential, privileged information. If you have received this communication in error, please immediately notify the sender electronically, return the email to the above email address and delete it from your files. Thank you.</span><o:p></o:p></p><p class=MsoNormal> <o:p></o:p></p><p class=MsoNormal style='mso-layout-grid-align:auto;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'><span style='font-size:12.0pt;font-family:"Times New Roman","serif";position:relative;top:0pt;mso-text-raise:0pt'><br><br style='mso-special-character:line-break'><![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'><![endif]><o:p></o:p></span></p><pre>_______________________________________________<o:p></o:p></pre><pre>WSBAPT mailing list<o:p></o:p></pre><pre><a href="mailto:WSBAPT@lists.wsbarppt.com">WSBAPT@lists.wsbarppt.com</a><o:p></o:p></pre><pre><a href="http://mailman.fsr.com/mailman/listinfo/wsbapt">http://mailman.fsr.com/mailman/listinfo/wsbapt</a><o:p></o:p></pre></blockquote><p class=MsoNormal style='mso-layout-grid-align:auto;punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other'><span style='font-size:12.0pt;font-family:"Times New Roman","serif";position:relative;top:0pt;mso-text-raise:0pt'><o:p> </o:p></span></p></div></body></html>