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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link=blue vlink=purple style='tab-interval:.5in'><div class=WordSection1><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-bidi-font-family:"Times New Roman";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. <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-bidi-font-family:"Times New Roman";color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-bidi-font-family:"Times New Roman";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.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-bidi-font-family:"Times New Roman";color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-fareast-font-family:"Times New Roman";mso-bidi-font-family:"Times New Roman";color:#1F497D;mso-no-proof:yes'>Michael A. Winslow<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-fareast-font-family:"Times New Roman";mso-bidi-font-family:"Times New Roman";color:#1F497D;mso-no-proof:yes'>1204 Cleveland Ave.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-fareast-font-family:"Times New Roman";mso-bidi-font-family:"Times New Roman";color:#1F497D;mso-no-proof:yes'>Mount Vernon, WA 98273<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-fareast-font-family:"Times New Roman";mso-bidi-font-family:"Times New Roman";color:#1F497D;mso-no-proof:yes'>Ph. 360-336-3321<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-fareast-font-family:"Times New Roman";mso-bidi-font-family:"Times New Roman";color:#1F497D;mso-no-proof:yes'>Em. Mike@winslegal.com<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-fareast-font-family:"Times New Roman";mso-bidi-font-family:"Times New Roman";color:#1F497D;mso-no-proof:yes'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-fareast-font-family:"Times New Roman";mso-bidi-font-family:"Times New Roman";color:#1F497D;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><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";mso-bidi-font-family:"Times New Roman";color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif";mso-fareast-font-family:"Times New Roman"'>From:</span></b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif";mso-fareast-font-family:"Times New Roman"'> wsbapt-bounces@lists.wsbarppt.com [mailto:wsbapt-bounces@lists.wsbarppt.com] <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<o:p></o:p></span></p><p class=MsoNormal><o:p> </o:p></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.<o:p></o:p></p></div><div><p class=MsoNormal><o:p> </o:p></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. <o:p></o:p></p></div><div><p class=MsoNormal><o:p> </o:p></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?)<o:p></o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal>Thanks!<o:p></o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p></div><p class=MsoNormal><br clear=all style='mso-special-character:line-break'><o:p></o:p></p><div><p class=MsoNormal><o:p> </o:p></p></div><p class=MsoNormal>-- <o:p></o:p></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'><o:p></o:p></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'><o:p></o:p></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'><o:p></o:p></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'><o:p></o:p></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'><o:p></o:p></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'><o:p></o:p></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'><o:p></o:p></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'><o:p></o:p></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: 206.617.7874 / 425.633.2678</span><span style='font-size:10.0pt;color:black'><o:p></o:p></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: 425.732.9748 </span><span style='font-size:10.0pt;color:black'><o:p></o:p></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'><o:p></o:p></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'><o:p></o:p></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'><o:p></o:p></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. 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