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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'>Instead of going to the trouble of “explaining things” to the Treasurer, you could just do a distribution deed for the fractional share of the ownership that is exempt as inheritance and cite the WAC exemption for inheritance on the REETA. Then sell the remaining fractional interest under typical purchase and sale agreement, with a PR’s Deed and REETA for an arms-length sale. With the Skagit Treasurer, this approach would involve less <i style='mso-bidi-font-style:normal'>‘<span class=SpellE>splainin</span></i>.<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'>We did that in an estate where sis wanted to buy out bro, needed to finance the purchase of the additional interest and needed some conventional transaction docs for the lender to process. <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'>Worked like<span style='mso-spacerun:yes'> </span>charm…….<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><div><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></div><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><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>Marcia Mellinger<br><b>Sent:</b> Monday, July 18, 2016 11:43 AM<br><b>To:</b> WSBA Probate & Trust Listserv<br><b>Subject:</b> Re: [WSBAPT] Partial Sale & Partial Inheritance of Real Property<o:p></o:p></span></p></div></div><p class=MsoNormal><o:p> </o:p></p><div><p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-family:"Calibri","sans-serif";mso-fareast-font-family:"Times New Roman"'>That is what I have done in a situation as you describe. I have done a supplemental statement on the excise tax affidavit that explains how the inheritance and purchase amounts were calculated. Best, Marcia<o:p></o:p></span></p><div><div class=MsoNormal align=center style='text-align:center'><span style='font-family:"Calibri","sans-serif";mso-fareast-font-family:"Times New Roman"'><hr size=2 width="100%" align=center id=stopSpelling></span></div><p class=MsoNormal style='margin-bottom:12.0pt;mso-outline-level:1'><span style='font-family:"Calibri","sans-serif";mso-fareast-font-family:"Times New Roman"'>From: <a href="mailto:david@faberfeinson.com">david@faberfeinson.com</a><br>Date: Mon, 18 Jul 2016 10:37:44 -0700<br>To: <a href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</a><br>Subject: [WSBAPT] Partial Sale & Partial Inheritance of Real Property<o:p></o:p></span></p><div><p class=MsoNormal><span style='font-family:"Calibri","sans-serif";mso-fareast-font-family:"Times New Roman"'>Working with a PR on an estate where everything is left to the children of the deceased in equal shares. The estate owns real property that one of the beneficiaries ("B") wants to take from the estate. The PR and B have settled on a price (after having comp studies done by three real estate brokers) and are prepared to move forward with the transaction. The problem is that the house is valued at more than B's equal share of the estate assets and, accordingly, we need to structure the transaction as part purchase and part inheritance. <o:p></o:p></span></p><div><p class=MsoNormal><span style='font-family:"Calibri","sans-serif";mso-fareast-font-family:"Times New Roman"'><o:p> </o:p></span></p></div><div><p class=MsoNormal><span style='font-family:"Calibri","sans-serif";mso-fareast-font-family:"Times New Roman"'>My question: how do I structure this properly? Note in the Purchase and Sale Agreement that the agreed upon value of the property is [x] but that B is purchasing the property in part and inheriting in part, and that B's existing equity is such-and-such amount leaving an outstanding purchase balance of $[x]? If so, do I just claim a partial exemption on the Real Estate Excise Tax Affidavit?<o:p></o:p></span></p></div><div><p class=MsoNormal><span style='font-family:"Calibri","sans-serif";mso-fareast-font-family:"Times New Roman"'><o:p> </o:p></span></p></div><div><p class=MsoNormal><span style='font-family:"Calibri","sans-serif";mso-fareast-font-family:"Times New Roman"'>I hope I'm not overthinking this. Thank you for your help.<o:p></o:p></span></p><div><p class=MsoNormal><span style='font-family:"Calibri","sans-serif";mso-fareast-font-family:"Times New Roman"'><br clear=all style='mso-special-character:line-break'><o:p></o:p></span></p><div><div><div><div><p class=MsoNormal><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'>Best,<o:p></o:p></span></p></div><div><p class=MsoNormal><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'>David J. Faber<o:p></o:p></span></p></div><div><p class=MsoNormal><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'>Faber Feinson PLLC<o:p></o:p></span></p></div><div><p class=MsoNormal><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'>210 Polk Street, Suite 1<o:p></o:p></span></p></div><div><p class=MsoNormal><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'>Port Townsend, WA 98368<br>(360) 379-4110<o:p></o:p></span></p></div><div><p class=MsoNormal><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'><o:p> </o:p></span></p></div><div><p class=MsoNormal><span style='font-family:"Helvetica","sans-serif";mso-fareast-font-family:"Times New Roman"'>*** NOTICE: ATTORNEY CLIENT COMMUNICATION - PRIVILEGED & CONFIDENTIAL. This communication may contain privileged or other confidential information. If you are not the intended recipient, or believe that you have received this communication in error, please do not print, copy, retransmit, disseminate, or otherwise use the information. Also, please indicate to the sender that you have received this communication in error, and destroy the copy you received.***</span><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p></div></div></div></div></div></div></div><p class=MsoNormal><span style='font-family:"Calibri","sans-serif";mso-fareast-font-family:"Times New Roman"'><br>_______________________________________________ WSBAPT mailing list <a href="mailto:WSBAPT@lists.wsbarppt.com">WSBAPT@lists.wsbarppt.com</a> <a href="http://mailman.fsr.com/mailman/listinfo/wsbapt">http://mailman.fsr.com/mailman/listinfo/wsbapt</a><o:p></o:p></span></p></div></div></div></body></html>