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<p class="MsoNormal"><span style="color:#1F497D">I would not want to defend a Personal Representative who distributed a sellers interest in a real estate contract to heirs who were unhappy with it.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">I think this is problematic whichever legal form the Personal Representative as seller utilizes if the heirs are not in agreement.
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">Heather<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:16.0pt;font-family:"Vladimir Script";color:#1F497D">Heather S. de Vrieze</span><b><span style="font-size:16.0pt;color:#1F497D"><br>
</span></b><i><span style="font-family:"Garamond",serif;color:#1F497D">Attorney-at-Law<o:p></o:p></span></i></p>
<p class="MsoNormal"><i><span style="font-family:"Garamond",serif;color:#1F497D"><img width="189" height="105" id="_x0000_i1027" src="cid:image001.jpg@01D2C4C3.87E5D920" alt="cid:image001.jpg@01D013C2.30F35160"></span></i><i><span style="font-size:12.0pt;font-family:"Garamond",serif;color:#1F497D"><o:p></o:p></span></i></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">3909 California Avenue SW<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">Seattle, WA 98116-3705
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">(206)938-5500
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<p class="MsoNormal"><span style="color:#1F497D"><a href="mailto:heatherd@westseattlelaw.com"><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">heatherd@westseattlelaw.com</span></a></span><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">
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<p class="MsoNormal"><span style="color:#1F497D"><a href="http://www.westseattlelaw.com/"><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">www.westseattlelaw.com</span></a></span><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">
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<p class="MsoNormal"><b><span style="font-size:9.0pt;font-family:"Arial",sans-serif;color:#002E8A">Click here to connect with de Vrieze | Carney on Facebook:
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<p class="MsoNormal"><span style="font-size:8.0pt;color:#A6A6A6">CONFIDENTIAL & PRIVILEGED. This e-mail message may contain legally privileged and/or confidential information. If you have received this e-mail in error, please notify the sender immediately
and delete all copies of this e-mail message and any attachment.</span><span style="font-size:16.0pt;font-family:"Cambria",serif;color:blue"><o:p></o:p></span></p>
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<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
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<p class="MsoNormal"><b>From:</b> wsbapt-bounces@lists.wsbarppt.com [mailto:wsbapt-bounces@lists.wsbarppt.com]
<b>On Behalf Of </b>Mike Winslow<br>
<b>Sent:</b> Wednesday, May 03, 2017 3:49 PM<br>
<b>To:</b> 'WSBA Probate & Trust Listserv' <wsbapt@lists.wsbarppt.com><br>
<b>Subject:</b> Re: [WSBAPT] Selling Property from Estate using a Deed of Trust (foreclosure risks)<o:p></o:p></p>
</div>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="color:#1F497D">Because the estate owns the property, it has the ability to utilize the Real Estate Contract as the form for Seller Financing. The procedures for recovery of the property (called a Real Estate Contract Forfeiture)
are considerably less expensive and cumbersome, with a shorter time line from commencement of the procedure to recovery of the collateral. If the property is to be owner occupied residential property, then the DOT Foreclosure Act imposes substantial pre notice
requirements and long time lines (additional 60-120 days) to complete the recovery process once default occurs. I routinely recommend against client doing DOT based security interest for owner occupied property loans.
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">Recommend the LPB 45, available at the forms section of the WSBA website in the LPO section. I prefer the 45 over the 44, as it has greater protections for the Seller, even though you will see the 44 called “Residential
Short form”.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">I would recommend that a credit check, financial affidavit and copy of three years’ tax returns be reviewed as a condition of approving the buyer’s right to finance. Beware the need for consent in writing to
run credit checks.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<div>
<p class="MsoNormal"><span style="color:#1F497D">Michael A. Winslow<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">1204 Cleveland Ave.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">Mount Vernon, WA 98273<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">Ph. 360-336-3321<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">Em. <a href="mailto:Mike@winslegal.com">
Mike@winslegal.com</a><o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="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
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<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">wsbapt-bounces@lists.wsbarppt.com</a> [<a href="mailto:wsbapt-bounces@lists.wsbarppt.com">mailto:wsbapt-bounces@lists.wsbarppt.com</a>]
<b>On Behalf Of </b>G. (Gus) Benjamin Lindsey III<br>
<b>Sent:</b> Wednesday, May 03, 2017 2:23 PM<br>
<b>To:</b> 'WSBA Probate & Trust Listserv'<br>
<b>Subject:</b> [WSBAPT] Selling Property from Estate using a Deed of Trust (foreclosure risks)<o:p></o:p></span></p>
</div>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Hello,<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">PC (personal representative) is considering an offer buy real property from an estate using a deed of trust. (Seller carrying the loan balance)<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Seller/Personal Representative wants to know how “difficult/expensive” it is to regain possession of the property in the event of a default.
<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">While I handle some property related matters, including ejectments, I am not familiar with the foreclosure process.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Anyone have insight on this from the perspective of an estate? My initial reaction is that this may not be the best approach for the estate but that may be based on some past horror stories! My typical probate client does not want this
approach so this is new one for me.<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 border="0" width="150" height="123" id="Picture_x0020_3" src="cid:image004.png@01D2C4C3.87E38F30"><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>
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<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
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<p class="MsoNormal">Business Law<o:p></o:p></p>
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<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
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