[WSBARP] Land trust beneficiary sales

[Doug Owens]

Dear Bryce, under Garn St. Germain, the borrower who transfers into an inter vivos trust enjoys the exemption from due on sale only so long as he remains a beneficiary of the trust, as I read the statute.  Yours, Doug Owens

> On Jul 1, 2020, at 3:50 PM, Bryce Dille <Bryce at dillelaw.com> wrote:
> 
> Has anyone on the list serve had any experience with or knowledge concerningA scenario where the seller of the property puts his property into what is a identified  as a “land trust“ In which a third-party is the trusteeAnd the Property seller is the Sole beneficiary. Then the seller enters into a purchase and sale agreement where where it
> Sells  and conveys the beneficial interest in the trust. The buyer is now The sole  beneficiary And can request the trustee at a later date to sell The property. When the property is put into the land trust the underlying lender is notified that it is being put into a trust and therefore not subject to the due on sale clause. If any of you have had any experience with this type of transaction please let me know your opinion on the validity and viability of this type of deal to avoid to the due on sale provisions of the underlying  Mortgage.
> Bryce H. Dille
> Dille Law, PLLC
> Office: 360-350-0270
> Cell: 253-579-5561
> 
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