[WSBARP] Trust Property Purchase Question

[Paul Neumiller]

I'm confused.  Are you representing the seller or the purchaser?


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From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of samuel at meylerlegal.com
Sent: Thursday, September 1, 2022 1:13 PM
To: wsbapt at lists.wsbarppt.com; 'WSBA Real Property Listserv' <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] Trust Property Purchase Question

Listmates,

PC has an estranged spouse that they have not communicated with in many years.  They were married in Washington but the spouse moved back to the Philippines after they split.  PC enters into an agreement to purchase property without even thinking about the estranged spouse.  Closing is supposed to happen on 9/8 and yesterday title discovered that PC is still married (oops!).

Lender and title have confirmed that they will still lend and insure, respectively, if PC sets up a revocable living trust and has the trust purchase the property.  This seems like a pretty simple solution that will satisfy lender and title and allow the transaction to close.  Has anyone seen this before?  What issues or concerns should be taken into consideration?

Second issue for bonus points: PC has three children that are here in the U.S. and one child that is in the Philippines and is a citizen of the Philippines.  Assuming that PC purchase property through the proposed RLT, what needs to be taken into consideration given the non-resident beneficiary?

Thanks.

Sam


Samuel M. Meyler
Meyler Legal, PLLC
1700 Westlake Ave. N., Ste. 200
Seattle, Washington 98109
Tel:  206.876.7770
Fax:  206.876.7771
Email:  samuel at meylerlegal.com<mailto:samuel at meylerlegal.com>

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