[WSBARP] Real Estate Contract (RCW 61.30) for Partially Agricultural Land in lieu of mortgage

[Robert R. Rowley]

As to a seller financed transaction where I represent the seller (and have
the freedom to pick the financing instrument) any thoughts on using a real
estate contract (RCW 61.30) for 240 acres (4 parcels) of which
approximately 30 acres is pasture, small house and out buildings and the
balance of heavily forested?  

 

Especially in light of the Schroeder v. Excelsior Management Group, 177
Wn.2d 94 (2013) decision where the creditor was slapped up for using a
deed of trust which waived the ‘agricultural provision’ for obviously
agricultural property.

 

The reason for the real estate contract would be much quicker and less
expensive forfeiture/foreclosure/no redemption.  I use contracts a lot
with residential properties.  This would be in lieu of a standard mortgage
which one always uses for farmland.  I’ve foreclosed and structured both
on many prior transactions.

 

I didn’t see any prohibitions in RCW 61.30 nor any adverse case law.

 

Thoughts?

 

Robert R. Rowley

Spokane

(509) 252-5074 (wk)

rob at rowleylegal.com

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