[WSBARP] promissory note or gift
RebeccaWiess
rwiess at foxinternet.net
Wed May 29 16:18:04 PDT 2019
Is house being purchased in bfs 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. Im 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 Im 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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