[WSBARP] Purchase Financing Question with regard to lease back

Tue May 27 16:11:28 PDT 2014

Hi Marcus,

I represent a client that has residential home loan on property that he is
now renting. We have a Commercial Lines Policy through American Modern
Home Insurance Co that satisfies his residential lender and the tenant has
a renter’s policy naming my client as an additional named insured. Don’t
know if that will work for you in the front-end of the loan, but Citi Bank
is the lender and they are fine with that arrangement.

Sincerely,

Tom

Thomas J. Westbrook

Attorney at Law

Thomas J. Westbrook, PLLC

PO Box 1

Littlerock, WA 98556

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Olympia, WA 98501

Telephone: 360-357-7400     

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From: wsbarp-owner at lists.wsbarppt.com
[mailto:wsbarp-owner at lists.wsbarppt.com] On Behalf Of Marcus Fry
Sent: Tuesday, May 27, 2014 3:27 PM
To: 'wsbarp at lists.wsbarppt.com'
Subject: [WSBARP] Purchase Financing Question with regard to lease back

Client is going to buy residential real property, and is getting bank
financing for the purchase.  It is agreed that after closing, seller
(older fella) will get 3 months to move out.  As a consequence, buyer is
going to enter into a lease and lease it back to seller for 3 months.
Will this impact financing?  For example, will client have to carry
different insurance other than homeowner’s because client not living in
the house?  If that’s the case, won’t that impact bank financing as bank
won’t lend without a homeowner’s policy?  

Anyone have any experience with this type of situation and how it may play
out in the banking world?

Marcus J. Fry

Lyon, Weigand & Gustafson, P.S. 
Adoption Attorney*

P.O. Box 1689 
Yakima, Washington  98907 
Telephone:  (509) 248-7220 
Facsimile:  (509) 575-1883 

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As with all lists - let the reader beware! No warranties or
representations are made as to the accuracy of any information provided.
All opinions and comments in this message represent the views of the
author and do not necessarily have the endorsement of the Washington State
Bar Association nor its officers or agents. 

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