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<p>Law Office of<br>
<strong>F.ANDREKITA SILVA</strong><br>
<strong>____________________________________________ </strong><br>
<br>
<br>
September 10, 2021<br>
<br>
Kirsten,<br>
<br>
If the PR’s have not yet done so, they should have the real property appraised.<br>
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If they wait until the house has been repaired and improved, it will be harder to go back and determine the value of the home at the time it was actually inherited or the date of death.<br>
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Is there a reason the buying heir can’t execute a promissory note in favor of the selling heir in order to secure the selling heir’s interest? <br>
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Unless there are employment issues, the home is in disrepair, and the home has a huge mortgage on it, so that there are concerns that the bank won’t take a risk or that the buying party won’t qualify for a refinance, if the heirs are in agreement on one buying and the other selling, it seems like it’s prudent to have them conclude that transaction. <br>
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So, they should agree on a current price (based on the appraisal or on the average of two appraisals if one heir wasn’t happy with the first appraisal). Buying heir should execute a promissory note with the terms of payment. If buying heir will need time for the home to develop some equity in order to refinance again to pay off the selling heir, they can agree that the promissory note can be recorded after the first refinance. That will secure the selling siblings interest.<br>
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Big major repairs and home improvements are always stressful. It is common for handshake agreements to go awry. If they agree on a price now but they don’t formalize the agreement in the form of a contract, other things can happen to make one heir or the another unhappy with the deal they reached- i.e., if there are problems with the construction and a contractor has to be sued, if the improvements were easy and fabulous and seller thinks they should receive more, etc. <br>
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So, my vote would be that the heirs go about this in a straight-forward business- like manner but with time to pay the promissory note if needed. <br>
<br>
andrekita<br>
Law Office of F. Andrekita Silva<br>
1325 Fourth Avenue, Suite 2000<br>
Seattle, Washington 98101<br>
206-224-8288<br>
www.seattle-silvalaw.com<br>
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Quoting Josh Grant <<a href="mailto:jgrant@accima.com">jgrant@accima.com</a>>:</p>
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<div><font size="4">In my experience this is very hard to accomplish unless there is cash equal to the value of the house in the estate. If you deed it to both heirs, then both heirs have to borrow in order to get any money.</font></div>
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<div><strong><span style="FONT-SIZE: 18pt; COLOR: #004080">Joshua F. Grant</span></strong><br>
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<span style="FONT-SIZE: 11pt; COLOR: #004080">P. O. Box 619<br>
Wilbur, WA 99185<br>
509 647 5578</span>
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<div style="font-color: black"><b>From:</b> <a title="kirstensamwel@gmail.com">Kirsten Samwel</a></div>
<div><b>Sent:</b> Thursday, September 09, 2021 1:18 PM</div>
<div><b>To:</b> <a title="wsbapt@lists.wsbarppt.com">WSBA Probate & Trust Listserv</a></div>
<div><b>Subject:</b> [WSBAPT] Transfer of house during probate - 2 heirs,1 wants house - Deed?</div>
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<div class="gmail_default" style="FONT-SIZE: small">Listmates,</div>
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<div class="gmail_default" style="FONT-SIZE: small">I have a probate where the two heirs are also the Co-PR's. The main asset of the estate is the house. The heirs have agreed that one of them will get the house and will buy the other heir out. Problem is, the house needs a lot of work prior to the person getting the house being financed for it. The one heir needs to be protected as to his monetary interest in the house and the heir getting it needs to get it in his name for financing. They do not want to keep the probate open until the house is ready for financing, so I was wondering, if I did a Quit Claim Deed from the Estate (the house is paid for) to the two heirs as joint tenants with right of survivorship, would that protect the heir getting money as well as the heir getting the house, or does someone have a better way to do this? Any and all thoughts or suggestions will truly be appreciated. Thanks in advance. </div>
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<div><span class="gmail_default" style="FONT-SIZE: small">Kirsten A. Samwel</span></div>
<div><span class="gmail_default" style="FONT-SIZE: small">Attorney at Law</span></div>
<div><span class="gmail_default" style="FONT-SIZE: small">Samwel Cousineau, PC</span></div>
<div><span class="gmail_default" style="FONT-SIZE: small">700 W. Evergreen Blvd.</span></div>
<div><span class="gmail_default" style="FONT-SIZE: small">Vancouver, WA 98660</span></div>
<div><span class="gmail_default" style="FONT-SIZE: small">Ph: (360)750-3789</span></div>
<div><span class="gmail_default" style="FONT-SIZE: small">Fax:(360)750-3788</span></div>
<div><span class="gmail_default" style="FONT-SIZE: small"><a target="_blank">kirstensamwel@gmail.com</a><br>
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<div><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size:11px;">andrekita<br>
Law Office of F. Andrekita Silva<br>
1325 Fourth Avenue, Suite 2000<br>
Seattle, Washington 98101<br>
206-224-8288<br>
www.seattle-silvalaw.com</span></span></div>
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