[WSBARP] Deed of Trust For Agricultural Land

[Eric Nelsen]

I'm just guessing here--but a DOT on agricultural land is still effective as a mortgage, isn't it? So it can be judicially foreclosed like a mortgage?

I think the alternative is having a mortgage (LPB Form 50) prepared instead of a DOT, but if the extent of lien protection and the available remedy are exactly the same as a DOT when it comes to agricultural land, maybe it's not worth it...

Sincerely,

Eric

Eric C. Nelsen
SAYRE LAW OFFICES, PLLC
1417 31st Ave South
Seattle WA  98144-3909
phone 206-625-0092
fax 206-625-9040

Please Note that We Have Moved. We have moved our Seattle office to Mount Baker Ridge (a small commercial community just above the I-90 tunnel). Our new address is 1417 31st Avenue South, Seattle WA 98144. All other contact information remains the same.

From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of David Faber
Sent: Thursday, September 15, 2016 10:18 AM
To: wsbarp
Subject: [WSBARP] Deed of Trust For Agricultural Land

Real Property List:

I am working on behalf of a buyer purchasing real property for-sale-by-owner with the seller carrying the note. The real property will be used in significant part as agricultural land. Being aware of the limiting language in the LPO form deed of trust ("which real property is not used principally for agricultural or farming purposes"), I called the closing agent and discussed the issue. At that point in time, they informed me that they could prepare a deed of trust for agricultural lands and I figured the issue was settled. Now that we're a couple days from closing closing, however, they have provided a deed of trust with the limiting language around agricultural land and I find I'm now in a bind. Any advice on what to do now? We're four days from closing.

Best,
David J. Faber
Faber Feinson PLLC
210 Polk Street, Suite 1
Port Townsend, WA 98368
(360) 379-4110

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