[WSBARP] promissory note or gift

[RebeccaWiess]

Is house being purchased in bf’s name only? If so, could you do a K where
she agrees to pay rent, and he agrees that she can live there and that he
will pay her the $ if she ceases to pay rent within the next X years. Fold
taxes and insurance in there somewhere, in case they cease to be paid
through the mortgage. 

 

 

Rebecca K. Wiess

421 24th Avenue East

Seattle, WA  98112

Phone 206 329-6638

rwiess at foxinternet.net 

  _____  

From: wsbarp-bounces at lists.wsbarppt.com
[mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Kim Hammit
Sent: Wednesday, May 29, 2019 12:15 PM
To: WSBARP at lists.wsbarppt.com
Subject: [WSBARP] promissory note or gift

 

Client gave her boyfriend $20K for a down payment.  She wrote it as a gift
for lending purposes.  She wants (and he agrees) to be paid back should they
break up.  I’m concerned about the risk of being viewed as a fraudulent
statement to the bank that it was a gift, well, it was but she wants
repayment if they breakup 
 Not really sure the best way to structure this.
She pays ½ the mortgage as “rent”.  I would be concerned that if they
breakup and she presents a promissory note that he will show the “gift” note
used at purchase and then I’m not sure what will happen at that point.  Any
thoughts, ideas, suggestions would be much appreciated.

 

 

Kimberly S. Hammit

Associate Attorney

 

GSJONES LAW GROUP, P.S.

1155 Bethel Avenue

Port Orchard, WA  98366

Tel:  (360) 876-9221

Fax: (360) 876-5097

 

 

 

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