[WSBARP] Land trust beneficiary sales

[Bryce Dille]

Just to hold property 

-----Original Message-----
From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Gregory L. Ursich
Sent: Wednesday, July 1, 2020 3:58 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] Land trust beneficiary sales

Bryce: What is the stated purpose by the client for a "Land Trust"?


Gregory L. Ursich 
Shareholder
Skyline Tower, Suite 1500 | 10900 NE 4th Street | Bellevue, WA 98004
P: 425.450.4258 | F: 425.635.7720
vCard | website | gursich at insleebest.com

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-----Original Message-----
From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Bryce Dille
Sent: Wednesday, July 01, 2020 3:51 PM
To: wsbarp at lists.wsbarppt.com
Subject: [WSBARP] Land trust beneficiary sales

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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