[WSBARP] Defeasance

[Jim Hoff]

Did the lender provide the defeasance quote?  I recently dealt with a similar transaction (which ultimately fell through), and we were working with an East Coast financial firm that specialized in defeasance.  Happy to dig up the contact info and pass it along should you be interested.  There is a potential paradox that if the buyer opts not to close, the seller may be limited to earnest money yet has compromised its existing financing through commencement of the defeasance process.  We wanted to be certain we could safely unwind the defeasance process in that event, but the transaction fell through before we reached that stage of analysis.     

 

James B. Hoff

CoRE Law, PLLC

3030 W. Commodore Way, Suite A-302

Seattle, WA 98199

Telephone: (206) 443-1616

Fax: (206) 443-2626

Mobile: (206) 465-1000

Email:  <mailto:jhoff at corelaw.com> jhoff at corelaw.com

Website:  <http://www.corelaw.com/> www.corelaw.com

 

  

 

From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Robert Ordal
Sent: Friday, August 12, 2016 10:24 AM
To: cole-gilday at stanwoodlaw.net; WSBA Real Property Listserv
Subject: Re: [WSBARP] Defeasance

 

Anne Lawler.  The best.

 

Anne DeVoe Lawler 
Jameson Babbitt Stites & Lombard PLLC 
801 Second Avenue, Suite 1000 
Seattle, WA 98104 
206-292-1994 
206-516-3204(direct dial) 

206-719-7687(cell)

206-292-1995(fax)

 

 

From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Gregory L. Gilday
Sent: Thursday, August 11, 2016 3:24 PM
To: WSBA RPPT Real Property Discussion Forum <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] Defeasance

 

I have a client who is selling a building in Seattle that has a securitized loan on it.  When she contacted her bank to inquire about a early payoff penalty, she was told she was still in the defeasance period so couldn't pay it off.   When she received the list of associated fees with the defeasance (including a defeasance premium)....well, let's just say it got her attention.  

I know enough to know that I don't know enough about this area to assist her in this matter.  Does anyone have a name I can pass on to her of someone she could sit down and chat with?  Client is in Seattle.  

-- 

Very Truly Yours,

Gregory L. Gilday 

Law Office of Cole & Gilday, P.C. 

 

10101 - 270th St. NW 

P.O. Box 249 

Stanwood, WA 98292 

(360) 629-2900 (Telephone) 

(360) 629-0220 (Fax) 

 

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