[WSBARP] Use of Real Estate Contract (61.30) In Lieu of Mortgage (61.12) for Agricultural Land In Light of Schroeder v Excelsior Management?

[Robert R. Rowley]

Listmates,

 

Any thoughts on using a real estate contract (61.30) for the seller
financed sale of three parcels of very rural agricultural land (hay) in
lieu of the standard mortgage?  Sale between distant family members.
Seller to receive annual installment payments for the next 3 years then
balloon.  I’m very familiar with the DFI requirements for seller financed
transactions.

 

Schroeder v Excelsior Management Group, 177 Wn.2d 94 (2013), makes it
crystal clear that you can’t use a deed of trust for agricultural land
even if both parties have legal counsel for a waiver.  Reinforcing what
everyone already knows. 

 

I’ve closed and foreclosed/forfeited lots of mortgages, deeds of trusts
and contracts.  61.30 is silent as to having an agricultural provision
which is expressly provided for in 61.24.  The Excelsior opinion pretty
much shuts the door as to attempting to waive a statutory provision under
61.24.

 

Thoughts?

 

Robert R. Rowley
Attorney at Law
505 W. Riverside Ave., Suite 500
Spokane, WA  99201-0518
 <tel:%28509%29%20252-5074> (509) 252-5074 (wk)
 <tel:%28509%29%20928-3084> (509) 928-3084 (facsimile)
 <mailto:rob at rowleylegal.com> rob at rowleylegal.com
 <http://www.facebook.com/rowleylegal> www.facebook.com/rowleylegal



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