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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link=blue vlink=purple><div class=WordSection1><p class=MsoNormal><span style='color:#993366'>Also, don’t forget to review the requirements of Dodd-Frank, TRID, the Safe Act and the Washington Consumer Loan Act.<o:p></o:p></span></p><p class=MsoNormal><span style='color:#993366'>Exemptions will often apply but I think a thorough review would be prudent.<o:p></o:p></span></p><p class=MsoNormal><span style='color:#993366'><o:p> </o:p></span></p><div><p class=MsoNormal><span style='font-family:"HelveticaNeueETW01-55Rg",serif;color:#993366'>John McCrady<o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"HelveticaNeueETW01-55Rg",serif;color:#993366'>Counsel</span><span style='color:#993366'><o:p></o:p></span></p><p class=MsoNormal><span style='color:#993366'>Puget Sound Title Company<o:p></o:p></span></p><p class=MsoNormal><span style='color:#993366'>5350 Orchard Street West<o:p></o:p></span></p><p class=MsoNormal><span style='color:#993366'>University Place WA 98466<o:p></o:p></span></p><p class=MsoNormal><span style='color:#993366'>253-476-5721<o:p></o:p></span></p></div><p class=MsoNormal><span style='color:#993366'><o:p> </o:p></span></p><div><div style='border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in'><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> Thursday, May 04, 2017 11:30 AM<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></div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><span style='color:#1F497D'>Agreed. I was just addressing the question about the selection of documents. As to the wisdom of such transaction, I would recommend in writing to the PR that they obtain written consent of the heir that will receive the interest in the contract before proceeding. Some heirs may prefer the contract if it is well negotiated and returns a good interest rate. But that is a question of risk tolerance for the “investor”. For the unsophisticated heir the seller financed deal is most likely not a good choice; but some heirs may want the investment instead of the cash. Some heirs may actually have more knowledge and risk tolerance than their legal counsel on this opportunity, so respectfully suggest that we consider giving the heirs the option if there appears a reasonable possibility of interest.<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'>If the property is hard to sell or obtain financing on, then a seller financed deal may be the only real possibility for a sale; so that may be a consideration, as well.<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'>Back in 2002 I wrote an article for RPPT Newsletter, which in 2003 became the basis for an RPPT Real Estate Seminar topic about Seller Financing with sample forms, etc.<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'>The newsletter article is available at the RPPT website archives; Summer 2002 issue. It is members only access FYI.<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 upon request.<o:p></o:p></span></p></div><p class=MsoNormal><span style='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'>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>Heather deVrieze<br><b>Sent:</b> Thursday, May 04, 2017 10:45 AM<br><b>To:</b> WSBA Probate & Trust Listserv<br><b>Subject:</b> Re: [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><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><div><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 border=0 width=189 height=105 id="_x0000_i1025" src="cid:image001.jpg@01D2C4CC.70AFD630" 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 <o:p></o:p></span></p><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'> <o:p></o:p></span></p><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'> <o:p></o:p></span></p><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: </span><span style='color:#1F497D'> </span></b><a href="https://www.facebook.com/DeVriezeCarney"><b><span style='text-decoration:none'><img border=0 width=72 height=21 id="Picture_x0020_1" src="cid:image002.png@01D2C4CC.70AFD630" alt="FB Logo"></span></b></a><span style='font-family:Nyala;color:#44524E'><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:8.0pt;color:#A6A6A6'><o:p> </o:p></span></p><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></div><p class=MsoNormal><span style='color:#1F497D'><o:p> </o:p></span></p><div><div style='border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal><b>From:</b> <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>Mike Winslow<br><b>Sent:</b> Wednesday, May 03, 2017 3:49 PM<br><b>To:</b> 'WSBA Probate & Trust Listserv' <<a href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</a>><br><b>Subject:</b> Re: [WSBAPT] Selling Property from Estate using a Deed of Trust (foreclosure risks)<o:p></o:p></p></div></div><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 upon request.<o:p></o:p></span></p></div><p class=MsoNormal><span style='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'>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:image003.png@01D2C4CC.70AFD630"><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></div></body></html>