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In this situation we use a Promissory Note and Deed of Trust, putting the transaction in an escrow account. Parents can you the very low applicable federal rate for family loans. I find that the formality really helps when the parents age and/or pass away.
Everyone knows the terms of the transaction.
<div>Jane Bitz. </div>
<div>Of Counsel</div>
<div>Wolff, Hislop & Crockett PLLC</div>
<div>12209 E Mission Ave. Ste 5</div>
<div>Spokane Valley WA 99206</div>
<div>(509) 927-9700</div>
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<blockquote type="cite">On Oct 27, 2020, at 8:59 AM, Heather de Vrieze <heatherd@westseattlelaw.com> wrote:<br>
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<p class="MsoNormal"><span style="font-family:"Calibri",sans-serif">I do not believe that interfamily transactions like needs to worry about DFI or any more complicated regulations. There are plenty of issues (taxes, title insurance?, proper identification
of the property, etc.) though, and good advice should be given and correct forms should be used. Having said that, this is a great resource for basic forms, including promissory note and deed of trust:
<a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__www.wsba.org_for-2Dlegal-2Dprofessionals_join-2Dthe-2Dlegal-2Dprofession-2Din-2Dwa_limited-2Dpractice-2Dofficers_lpo-2Dforms&d=DwMGaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=QdyRUSI4IjN8jHONJV63CB7QV6AxGix1TpuYc8c6Rww&m=OGoS-EV9ygbgPTaqbIPwyRL9QcseFZ4-gBaHPnsiMWE&s=3ZpYx6rQDuEqsJrp_B2iwdSo05_3A3r6poUlBFsbdNI&e=">
https://www.wsba.org/for-legal-professionals/join-the-legal-profession-in-wa/limited-practice-officers/lpo-forms</a>.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri",sans-serif">Heather<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri",sans-serif"><o:p> </o:p></span></p>
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<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;font-family:"Calibri",sans-serif;color:#1F497D"><br>
</span></b><i><span style="font-size:11.0pt;font-family:"Garamond",serif;color:#1F497D">Attorney-at-Law<o:p></o:p></span></i></p>
<p class="MsoNormal"><i><span style="font-size:11.0pt;font-family:"Garamond",serif;color:#1F497D"></p>
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</span></i><i><span style="font-family:"Garamond",serif;color:#1F497D"><o:p></o:p></span></i>
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<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="font-size:11.0pt;font-family:"Calibri",sans-serif"><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="font-size:11.0pt;font-family:"Calibri",sans-serif"><a href="https://urldefense.proofpoint.com/v2/url?u=http-3A__www.westseattlelaw.com_&d=DwMGaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=QdyRUSI4IjN8jHONJV63CB7QV6AxGix1TpuYc8c6Rww&m=OGoS-EV9ygbgPTaqbIPwyRL9QcseFZ4-gBaHPnsiMWE&s=NykXG0U2aoIuL3JCggr83K0IQ0cz7RjF3QTy1PXADd0&e="><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></b><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"> </span></b><a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__www.facebook.com_DeVriezeCarney&d=DwMGaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=QdyRUSI4IjN8jHONJV63CB7QV6AxGix1TpuYc8c6Rww&m=OGoS-EV9ygbgPTaqbIPwyRL9QcseFZ4-gBaHPnsiMWE&s=2pYo4BaoBPEGP1VkC259EgRwVHYGiVCnIleGM6AmEpM&e="><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;text-decoration:none"></p>
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<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Calibri",sans-serif;color:#C0504D">If I am sick, I will stay home, I ask you to do the same.<o:p></o:p></span></p>
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<p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> wsbapt-bounces@lists.wsbarppt.com <wsbapt-bounces@lists.wsbarppt.com>
<b>On Behalf Of </b>Mike Winslow<br>
<b>Sent:</b> Monday, October 26, 2020 6:43 PM<br>
<b>To:</b> 'WSBA Probate & Trust Listserv' <wsbapt@lists.wsbarppt.com><br>
<b>Subject:</b> Re: [WSBAPT] Private "Mortgage" Lien Paperwork<o:p></o:p></span></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-family:"Calibri",sans-serif;color:#1F497D">This loan is subject to regulation by the Dept. of Financial Institutions and requires a waiver be obtained from them, last I checked. Cindy Fazio at DFI is the lead attorney
on these. Seems to me there are some new rules from DFI that may create an exemption for fewer than five loans per year, but I have not read up on this or how the exemption applies. Having previously owned a loan servicing company regulated by the DFI, and
having handled real estate secured private money lending for 25 years, this is not something that I would just “borrow a form” to handle the matter. (Not looking for a referral by making these comments, as I am not taking new clients). Just a word to the wise.
A promissory note selected specifically for this type of loan, a deed of trust for residential collateral and a mortgagee’s title insurance policy would be the minimum documentation.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Michael A. Winslow<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">1204 Cleveland Ave.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Mount Vernon, WA 98273<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Ph. 360-336-3321<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">Em.
<a href="mailto:Mike@winslegal.com">Mike@winslegal.com</a><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;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>
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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>Brent Williams-Ruth<br>
<b>Sent:</b> Monday, October 26, 2020 5:06 PM<br>
<b>To:</b> WSBA Probate & Trust Listserv<br>
<b>Subject:</b> [WSBAPT] Private "Mortgage" Lien Paperwork<o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">Greetings List - <o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">I have a client who is having some tough COVID related times. Parents/In-Laws are in a position where they are going to pay off their mortgage and have them make payments to them. Does anyone
have a form that can be used for this and then recorded as a lien?<o:p></o:p></span></p>
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<p><b>Brent Williams-Ruth</b> (preferred pronoun: he/him)<br>
<i>Attorney-At-Law</i><o:p></o:p></p>
<p><b>Law Offices of Brent Williams-Ruth, </b><b><span style="font-size:7.5pt">a division of BWR Consulting, PLLC</span></b><o:p></o:p></p>
<p>Office/Scheduling Phone:<span style="color:#004080"> </span>(425) 830-5134<o:p></o:p></p>
<p>Direct Mobile: (206) 889-7919<o:p></o:p></p>
<p><a href="mailto:Brent@Williams-RuthLaw.com" target="_blank">e-mail</a> / <a href="https://urldefense.proofpoint.com/v2/url?u=http-3A__www.Williams-2DRuthLaw.com_&d=DwMGaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=QdyRUSI4IjN8jHONJV63CB7QV6AxGix1TpuYc8c6Rww&m=OGoS-EV9ygbgPTaqbIPwyRL9QcseFZ4-gBaHPnsiMWE&s=gj8uPemumnGExrH0HsT2sY-E9c38_0EdRtdGjvcFrD4&e=" target="_blank">website</a> /<span style="font-size:9.5pt"> </span><a href="https://urldefense.proofpoint.com/v2/url?u=http-3A__www.facebook.com_bwrconsults&d=DwMGaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=QdyRUSI4IjN8jHONJV63CB7QV6AxGix1TpuYc8c6Rww&m=OGoS-EV9ygbgPTaqbIPwyRL9QcseFZ4-gBaHPnsiMWE&s=L8iPWy-znnYQ14e6VmDHYEWd_jibgBbAEYEuZEipTYg&e=" target="_blank"><span style="font-size:9.5pt">facebook</span></a><span style="font-size:9.5pt"> / </span><o:p></o:p></p>
<p><b><span style="font-size:9.5pt;color:red;background:white">As of July 1, 2019 - I began operating as the Law Offices of Brent Williams-Ruth a division of BWR Consulting, PLLC. Please note the new points of contact
<a href="mailto:Brent@Williams-RuthLaw.com">Brent@Williams-RuthLaw.com</a> and <a href="https://urldefense.proofpoint.com/v2/url?u=http-3A__www.Williams-2DRuthLaw.com&d=DwMGaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=QdyRUSI4IjN8jHONJV63CB7QV6AxGix1TpuYc8c6Rww&m=OGoS-EV9ygbgPTaqbIPwyRL9QcseFZ4-gBaHPnsiMWE&s=cljNMRjWZX5QNN1e57TOWNZ8zlpR1dgdGdXlUlru1XE&e=" target="_blank">
www.Williams-RuthLaw.com</a> </span></b><o:p></o:p></p>
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