[WSBARP] Land trust beneficiary sales

Wed Jul 1 16:27:00 PDT 2020

Tell them to get lost; it is a sale and the lender doesn’t want an assumable mortgage.

[cid:image003.jpg at 01D64FC4.6B37ED60]
Gregory L. Ursich
Shareholder
Skyline Tower, Suite 1500 | 10900 NE 4th Street | Bellevue, WA 98004
P: 425.450.4258 | F: 425.635.7720
vCard<http://www.insleebest.com/uploads/vcards/gursich.vcf> | website<http://www.insleebest.com/> | gursich at insleebest.com<mailto:gursich at insleebest.com>

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From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Bryce Dille
Sent: Wednesday, July 01, 2020 4:14 PM
To: 'WSBA Real Property Listserv' <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] Land trust beneficiary sales

Not that I can tell

From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com>> On Behalf Of Bryce Dille
Sent: Wednesday, July 1, 2020 4:11 PM
To: 'cole-gilday at stanwoodlaw.net' <cole-gilday at stanwoodlaw.net<mailto:cole-gilday at stanwoodlaw.net>>; 'WSBA Real Property Listserv' <wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>>
Subject: Re: [WSBARP] Land trust beneficiary sales

As far as I can tell the sole purpose is to avoid the due on sale provision because they don’t tell the lender the beneficial interest has been sold and also to avoid excise tax although transfer of such an interest would be a controlling interest and therefore tax would be due

From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com>> On Behalf Of Robert R. Cole
Sent: Wednesday, July 1, 2020 4:04 PM
To: wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] Land trust beneficiary sales

I had a potential client who wanted to use these to avoid excise tax.  He took a hike.

Very Truly Yours,
Robert R. Cole
Law Office of Cole & Gilday, P.C.

10101 - 270th St. NW
Stanwood, WA 98292
(360) 629-2900 (Telephone)
(360) 629-0220 (Fax)

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On 7/1/2020 3:58 PM, Gregory L. Ursich wrote:

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<mailto:gursich at insleebest.com>

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-----Original Message-----

From: wsbarp-bounces at lists.wsbarppt.com<mailto: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<mailto: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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