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And avoids dealing with the successor trustee, which may be some other family member.<o:p></o:p></span></p><p class=MsoNormal><span style='mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D'>But if there is financing currently in place, beware the Due on Sale Clause in the existing loan.<o:p></o:p></span></p><p class=MsoNormal><span style='mso-ascii-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-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D'>If you just record an option now, then the transfer would need to be run through probate to obtain a deed (assuming no trust in place). The option could also be granted in the LWT of the parent, but that is subject to possible change; if I were the kid <span style='mso-spacerun:yes'> </span>would want the option to purchase.<o:p></o:p></span></p><p class=MsoNormal><span style='mso-ascii-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-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D'>Also lurking is the issue of use and occupancy as between the Co-tenants during the parent’s life time. If the parent does not live there, but the kids do, then there should be an agreement defining the rights of the parent (such as whether rent is due, who pays for maintenance, taxes, insurance, etc.). You don’t want the other kids to come back on the occupant children and claim some reimbursement on behalf of the deceased parent. A Tenancy in Common agreement may be appropriate, that contains the option agreement.<span style='mso-spacerun:yes'> </span><o:p></o:p></span></p><p class=MsoNormal><span style='mso-ascii-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-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D'>A memorandum of the TIC Agreement could be recorded, which denotes there is an option to purchase, without disclosing terms to the world.<o:p></o:p></span></p><p class=MsoNormal><span style='mso-ascii-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-hansi-font-family:Calibri;mso-bidi-font-family:"Times New Roman";color:#1F497D'><o:p> </o:p></span></p><div><p class=MsoNormal><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;mso-no-proof:yes'>Michael A. Winslow<o:p></o:p></span></p><p class=MsoNormal><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;mso-no-proof:yes'>1204 Cleveland Ave.<o:p></o:p></span></p><p class=MsoNormal><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;mso-no-proof:yes'>Mount Vernon, WA 98273<o:p></o:p></span></p><p class=MsoNormal><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;mso-no-proof:yes'>Ph. 360-336-3321<o:p></o:p></span></p><p class=MsoNormal><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;mso-no-proof:yes'>Em. Mike@winslegal.com<o:p></o:p></span></p><p class=MsoNormal><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;mso-no-proof:yes'><o:p> </o:p></span></p><p class=MsoNormal><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;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-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><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>G. (Gus) Benjamin Lindsey III<br><b>Sent:</b> Tuesday, May 03, 2016 10:55 AM<br><b>To:</b> wsbapt@lists.wsbarppt.com<br><b>Subject:</b> [WSBAPT] Real Estate Purchase Option - Best Practice<o:p></o:p></span></p></div></div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Good morning,<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>I am coming in on the tail end of a situation and I am hoping that others can provide some insight on the most effective option for dealing with the issue. (And more importantly avoiding a estate dispute down the road!)<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Married couple is purchasing real property (primary residence) with a parent of one spouse. (Apparently the parties are already in contract with the purchase scheduled to close any day now.)<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>For reasons unknown to me, the parties did not purchase to property as tenants-in-common right survivorship rights. However, the parties want to draft an agreement that gives the survivor the right to purchase any deceased person’s share . The main focus is allowing the married couple to purchase the parent’s share without it having to go through probate(At this point, I am unsure as to how real property is handled in anyone estate plan but I have requested that information.)<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Lurking in the shadows, in my opinion, is a potential dispute with the other children of the parent-real property owner upon the parent’s death. The parties seem to be in denial about this potential dispute. (Culturally this family makes all decisions via consensus.)<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Another option that has apparently been discussed is the married couple starting to acquire the parent’s interest in the home now via payments. <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>This may be simple but there are so many cooks in the kitchen that I want to make sure that I am not missing anything.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Thanks!<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Sincerely,<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>G. (Gus) Benjamin Lindsey III<o:p></o:p></p><p class=MsoNormal>Attorney-at-Law<o:p></o:p></p><p class=MsoNormal><img width=120 height=99 id="Picture_x0020_3" src="cid:image001.png@01D1A530.5A100E70"><o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>The Law Office of G. Benjamin Lindsey III<o:p></o:p></p><p class=MsoNormal>2012 Grade Road, Suite 202<o:p></o:p></p><p class=MsoNormal>Lake Stevens, WA 98258<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Phone: (425) 263-9585<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>website: <a href="http://www.gbl3law.com/">www.gbl3law.com</a><o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Employment/Labor Law Construction Law Civil Litigation Estate Planning Probate <o:p></o:p></p><p class=MsoNormal>Business Law<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>CONFIDENTIALITY NOTE: This e-mail message contains information belonging to The Law Office of G. Benjamin Lindsey III, which may be privileged, confidential and/or protected from disclosure. The information is intended only for the use of the individual or entity named above. If you think that you have received this message in error, please contact the sender. If you are not the intended recipient, any dissemination, distribution or copying is strictly prohibited<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p></div></body></html>