[WSBARP] Assignment of Lease from Port Authority

[Jeff at bellanddavispllc.com]

Listmates,

 

Client is "selling" a Hangar that sits on property owned by a port
authority.  The port authority leased the land, to the Client's predecessor,
for a fifty year term.  When client bought the Hangar, a title company
closed the transaction by recording a Statutory Warranty Deed that
references the Lease.  Now the title company will no longer close this type
of transaction.  The lease, itself, provides that any assignment of lease
must first be approved by the Port.  No authority to assign was sought or
given when client took over, yet the Port knew of the transaction and gladly
accepted the rent.   It seems the proper way to document the transaction is
to record an Assignment of Lease; but to transfer the building does one
include transfer and convey language referencing the building in the
Assignment?  What excise tax is paid?

 

Your thoughts.

 

Jeff Davis

 

W. Jeff Davis

BELL & DAVIS PLLC
P.O. Box 510

720 E. Washington Street, Suite 105
Sequim WA 98382
Phone: (360) 683.1129 
Fax: (360) 683.1258 
email:  <mailto:jeff at bellanddavispllc.com> jeff at bellanddavispllc.com
 <http://www.bellanddavispllc.com/> www.bellanddavispllc.com
 
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