<div dir="ltr">Do you know any banks that have done that? The banks that we have contacted require all owners of the property to sign the promissory note.<div><br></div><div>Thanks,</div><div><br></div><div>Jennifer</div></div><div class="gmail_extra"><br><div class="gmail_quote">On Fri, Mar 18, 2016 at 8:15 AM, Mike Winslow <span dir="ltr"><<a href="mailto:mike@winslegal.com" target="_blank">mike@winslegal.com</a>></span> wrote:<br><blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex"><div lang="EN-US" link="blue" vlink="purple"><div><p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1f497d">There should be a bank that will do the loan only to the son, as borrower, but will require pledge of the entire property as collateral. Son will be on prom note, but client will not. That way the client will remain “debt free”, as their name will not be on the promissory note. But their interest (the 1/3 TIC) will be at risk under the Deed of Trust. Not an uncommon approach. <u></u><u></u></span></p><p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1f497d"><u></u> <u></u></span></p><p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1f497d">The idea of a sale by client to son, noted in your second post just creates additional and unnecessary excise tax and income tax reporting. Overly complicates things and does nothing more than the above approach.<u></u><u></u></span></p><p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1f497d"><u></u> <u></u></span></p><p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1f497d">Michael A. Winslow<u></u><u></u></span></p><p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1f497d">1204 Cleveland Ave.<u></u><u></u></span></p><p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1f497d">Mount Vernon, WA 98273<u></u><u></u></span></p><p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1f497d">Ph. <a href="tel:360-336-3321" value="+13603363321" target="_blank">360-336-3321</a><u></u><u></u></span></p><p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1f497d">Em. <a href="mailto:Mike@winslegal.com" target="_blank">Mike@winslegal.com</a><u></u><u></u></span></p><p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1f497d"><u></u> <u></u></span></p><p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1f497d">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.<u></u><u></u></span></p><p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1f497d"><u></u> <u></u></span></p><p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif"">From:</span></b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif""> <a href="mailto:wsbapt-bounces@lists.wsbarppt.com" target="_blank">wsbapt-bounces@lists.wsbarppt.com</a> [mailto:<a href="mailto:wsbapt-bounces@lists.wsbarppt.com" target="_blank">wsbapt-bounces@lists.wsbarppt.com</a>] <b>On Behalf Of </b>Jennifer Sohn<br><b>Sent:</b> Thursday, March 17, 2016 9:34 PM<br><b>To:</b> WSBA Probate & Trust Listserv<br><b>Subject:</b> [WSBAPT] Getting loan in purchasing partial interest in property<u></u><u></u></span></p><div><div class="h5"><p class="MsoNormal"><u></u> <u></u></p><div><div><p class="MsoNormal">Hello, my client owns a commercial property with 2 others. There is no mortgage on the property. 2 of the owners will be bought out by my client's son, and the son needs to get a loan to purchase this partial interest. The desire is for my client to continue to be debt-free on her 1/3 interest, and for her son to be the sole person responsible for his loan.<u></u><u></u></p></div><div><p class="MsoNormal"><u></u> <u></u></p></div><div><p class="MsoNormal">The problem is, there is no bank who will make a loan to the son with only 2/3 of the property as collateral. <u></u><u></u></p></div><div><p class="MsoNormal"><u></u> <u></u></p></div><div><p class="MsoNormal">Has anyone dealt with this situation? How does a tenant-in-common normally get a loan (does he always need the other tenants-in-common to put up their interest in the property as collateral when he needs a loan?)<u></u><u></u></p></div><div><p class="MsoNormal"><u></u> <u></u></p></div><div><p class="MsoNormal">Thanks!<u></u><u></u></p></div><div><p class="MsoNormal"><u></u> <u></u></p></div><div><p class="MsoNormal"><u></u> <u></u></p></div><div><p class="MsoNormal"><u></u> <u></u></p></div><div><p class="MsoNormal"><u></u> <u></u></p></div><div><p class="MsoNormal"><u></u> <u></u></p></div><p class="MsoNormal"><br clear="all"><u></u><u></u></p><div><p class="MsoNormal"><u></u> <u></u></p></div><p class="MsoNormal">-- <u></u><u></u></p><div><div><div><div><p style="margin:0in;margin-bottom:.0001pt;background-image:initial;background-position:initial;background-repeat:initial"><span style="font-size:10.0pt;font-family:"Georgia","serif";color:black">Best regards,</span><span style="font-size:10.0pt;color:black"><u></u><u></u></span></p><p style="margin:0in;margin-bottom:.0001pt;background-image:initial;background-position:initial;background-repeat:initial"><span style="font-size:10.0pt;font-family:"Georgia","serif";color:black"> </span><span style="font-size:10.0pt;color:black"><u></u><u></u></span></p><p style="margin:0in;margin-bottom:.0001pt;background-image:initial;background-position:initial;background-repeat:initial"><span style="font-size:10.0pt;font-family:"Georgia","serif";color:black">Jennifer Y. Sohn</span><span style="font-size:10.0pt;color:black"><u></u><u></u></span></p><p style="margin:0in;margin-bottom:.0001pt;background-image:initial;background-position:initial;background-repeat:initial"><span style="font-size:10.0pt;font-family:"Georgia","serif";color:black">Attorney at Law</span><span style="font-size:10.0pt;color:black"><u></u><u></u></span></p><p style="margin:0in;margin-bottom:.0001pt;background-image:initial;background-position:initial;background-repeat:initial"><span style="font-size:10.0pt;font-family:"Georgia","serif";color:black">(Licensed in CA and WA)</span><span style="font-size:10.0pt;color:black"><u></u><u></u></span></p><p style="margin:0in;margin-bottom:.0001pt;background-image:initial;background-position:initial;background-repeat:initial"><span style="font-size:10.0pt;font-family:"Georgia","serif";color:black">Sohn Law PLLC</span><span style="font-size:10.0pt;color:black"><u></u><u></u></span></p><p style="margin:0in;margin-bottom:.0001pt"><span style="font-size:10.0pt;font-family:"Georgia","serif";color:black">10900 NE 4th Street, Suite 1850</span><span style="font-size:10.0pt;color:black"><u></u><u></u></span></p><p style="margin:0in;margin-bottom:.0001pt"><span style="font-size:10.0pt;font-family:"Georgia","serif";color:black">Bellevue, WA 98004</span><span style="font-size:10.0pt;color:black"><u></u><u></u></span></p><p style="margin:0in;margin-bottom:.0001pt;background-image:initial;background-position:initial;background-repeat:initial"><span style="font-size:10.0pt;font-family:"Georgia","serif";color:black">Tel: <a href="tel:206.617.7874" value="+12066177874" target="_blank">206.617.7874</a> / <a href="tel:425.633.2678" value="+14256332678" target="_blank">425.633.2678</a></span><span style="font-size:10.0pt;color:black"><u></u><u></u></span></p><p style="margin:0in;margin-bottom:.0001pt;background-image:initial;background-position:initial;background-repeat:initial"><span style="font-size:10.0pt;font-family:"Georgia","serif";color:black">Fax: <a href="tel:425.732.9748" value="+14257329748" target="_blank">425.732.9748</a> </span><span style="font-size:10.0pt;color:black"><u></u><u></u></span></p><p style="margin:0in;margin-bottom:.0001pt;background-image:initial;background-position:initial;background-repeat:initial"><span style="font-size:10.0pt;font-family:"Georgia","serif";color:black">Email: <a href="mailto:jennifer@sohn-law.com" target="_blank"><span style="color:#0563c1">jennifer@sohn-law.com</span></a></span><span style="font-size:10.0pt;color:black"><u></u><u></u></span></p><p style="margin:0in;margin-bottom:.0001pt;background-image:initial;background-position:initial;background-repeat:initial"><span style="font-size:10.0pt;font-family:"Georgia","serif";color:black"><a href="http://www.sohn-law.com/" target="_blank"><span style="color:#0563c1">http://www.sohn-law.com</span></a></span><span style="font-size:10.0pt;color:black"><u></u><u></u></span></p><p style="margin:0in;margin-bottom:.0001pt;background-image:initial;background-position:initial;background-repeat:initial"><span style="font-size:10.0pt;font-family:"Georgia","serif";color:black"> </span><span style="font-size:10.0pt;color:black"><u></u><u></u></span></p><p style="margin:0in;margin-bottom:.0001pt;background-image:initial;background-position:initial;background-repeat:initial"><span style="font-size:10.0pt;font-family:"Georgia","serif";color:black">Confidential. This electronic mail transmission and any accompanying documents contain information belonging to the sender which may be confidential and legally privileged. This information is intended only for the use of the individual or entity to whom this electronic mail transmission was sent as indicated above. If you are not the intended recipient, any disclosure, copying, distribution, or action taken in reliance on the contents of the information contained in this transmission is strictly prohibited. If you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<a href="http://mailman.fsr.com/mailman/listinfo/wsbapt" rel="noreferrer" target="_blank">http://mailman.fsr.com/mailman/listinfo/wsbapt</a><br></blockquote></div><br><br clear="all"><div><br></div>-- <br><div class="gmail_signature"><div dir="ltr"><div><div dir="ltr"><p style="margin:0px;padding:0px;color:rgb(0,0,0);font-size:13px;background-image:initial;background-position:initial;background-repeat:initial"><font face="georgia, serif">Best regards,<u></u><u></u></font></p><p style="margin:0px;padding:0px;color:rgb(0,0,0);font-size:13px;background-image:initial;background-position:initial;background-repeat:initial"><font face="georgia, serif"> <u></u><u></u></font></p><p style="margin:0px;padding:0px;color:rgb(0,0,0);font-size:13px;background-image:initial;background-position:initial;background-repeat:initial"><font face="georgia, serif">Jennifer Y. Sohn<u></u><u></u></font></p><p style="margin:0px;padding:0px;color:rgb(0,0,0);font-size:13px;background-image:initial;background-position:initial;background-repeat:initial"><font face="georgia, serif">Attorney at Law<u></u><u></u></font></p><p style="margin:0px;padding:0px;color:rgb(0,0,0);font-size:13px;background-image:initial;background-position:initial;background-repeat:initial"><font face="georgia, serif">(Licensed in CA and WA)<u></u><u></u></font></p><p style="margin:0px;padding:0px;color:rgb(0,0,0);font-size:13px;background-image:initial;background-position:initial;background-repeat:initial"><font face="georgia, serif">Sohn Law PLLC<u></u><u></u></font></p><p style="margin:0px;padding:0px;color:rgb(0,0,0);font-size:13px"><font face="georgia, serif"><span style="background-image:initial;background-position:initial;background-repeat:initial">10900 NE 4th Street, Suite 1850</span><u></u><u></u></font></p><p style="margin:0px;padding:0px;color:rgb(0,0,0);font-size:13px"><font face="georgia, serif"><span style="background-image:initial;background-position:initial;background-repeat:initial">Bellevue, WA 98004</span><u></u><u></u></font></p><p style="margin:0px;padding:0px;color:rgb(0,0,0);font-size:13px;background-image:initial;background-position:initial;background-repeat:initial"><font face="georgia, serif">Tel: <a rel="nofollow" style="margin:0px;padding:0px;text-decoration:underline;color:rgb(25,106,212);outline:none;background:transparent">206.617.7874 / 425.633.2678</a><u></u></font></p><p style="margin:0px;padding:0px;color:rgb(0,0,0);font-size:13px;background-image:initial;background-position:initial;background-repeat:initial"><font face="georgia, serif">Fax: <a rel="nofollow" style="margin:0px;padding:0px;text-decoration:underline;color:rgb(25,106,212);outline:none;background:transparent">425.732.9748</a> <u></u></font></p><p style="margin:0px;padding:0px;color:rgb(0,0,0);font-size:13px;background-image:initial;background-position:initial;background-repeat:initial"><font face="georgia, serif">Email: <a rel="nofollow" href="mailto:jennifer@sohn-law.com" style="margin:0px;padding:0px;color:rgb(25,106,212);outline:none;background:transparent" target="_blank"><span style="color:rgb(5,99,193)">jennifer@sohn-law.com</span></a><u></u><u></u></font></p><p style="margin:0px;padding:0px;color:rgb(0,0,0);font-size:13px;background-image:initial;background-position:initial;background-repeat:initial"><font face="georgia, serif"><a rel="nofollow" href="http://www.sohn-law.com/" style="margin:0px;padding:0px;color:rgb(25,106,212);outline:none;background:transparent" target="_blank"><span style="color:rgb(5,99,193)">http://www.sohn-law.com</span></a><u></u><u></u></font></p><p style="margin:0px;padding:0px;color:rgb(0,0,0);font-size:13px;background-image:initial;background-position:initial;background-repeat:initial"><font face="georgia, serif"> <u></u><u></u></font></p><p style="margin:0px;padding:0px;color:rgb(0,0,0);font-size:13px;background-image:initial;background-position:initial;background-repeat:initial"><font face="georgia, serif">Confidential. This electronic mail transmission and any accompanying documents contain information belonging to the sender which may be confidential and legally privileged. This information is intended only for the use of the individual or entity to whom this electronic mail transmission was sent as indicated above. If you are not the intended recipient, any disclosure, copying, distribution, or action taken in reliance on the contents of the information contained in this transmission is strictly prohibited. If you have received this transmission in error, please delete the message. Thank you.<u></u><u></u></font></p><p style="margin:0px;padding:0px;color:rgb(0,0,0);font-size:13px;background-image:initial;background-position:initial;background-repeat:initial"><font face="georgia, serif"> <u></u><u></u></font></p><p style="margin:0px;padding:0px;color:rgb(0,0,0);font-size:13px;background-image:initial;background-position:initial;background-repeat:initial"><font face="georgia, serif">Circular 230 Disclaimer. Any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and may not be used, for the purpose of (i) avoiding penalties under the internal revenue code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.</font></p></div></div></div></div>
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