<html><head><meta http-equiv="Content-Type" content="text/html charset=windows-1252"></head><body style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space; "><div>Hazardous waste?; developer bankruptcy? with voidable transfers?; easements of record discovered, or imposed as a condition of plat approval? Lots of fun stuff for a litigator if things go sideways (Murphy's Law).</div><br><div><div>On Jun 23, 2015, at 2:20 PM, Josh Grant <<a href="mailto:jgrant@ACCIMA.COM">jgrant@ACCIMA.COM</a>> wrote:</div><br class="Apple-interchange-newline"><blockquote type="cite">
<div dir="ltr">
<div dir="ltr">
<div style="font-size: 12pt; font-family: Calibri; ">
<div>Developer is developing a 40 acre piece. He will be short platting it
into 5 acre pieces. Surveyor is telling him this should be no problem in
getting this approved.</div>
<div> </div>
<div>My client is a prospective buyer. They have a legal description for
his five acres from the surveyor. He wants to get going with a new
house. I told him, “no, you have to wait til the short plat is approved,
for a bunch of legal reasons, but in addition the bank won’t lend you the
$250,000 for the new house til you are a fee owner”.</div>
<div> </div>
<div>So now the two of them have agreed as follows:</div>
<div> </div>
<div>Developer will sell the 40 acres to the client for the agreed upon purchase
price of the five acre ($35,000). Developer will continue to pay all costs to
get the short plat approved (about a year from now). Developer will be
obligated to pay all costs even though client will be signing the applications
etc. Developer will be granted an option to purchase the 35 acres back
when the short plat is finally approved for $1.00.</div>
<div> </div>
<div>Would the 1% excise tax be based on the $35,000 first sale?
Probably. The transfer back of the 35 acres for $1.00 plus all the
development costs... what would the excise tax be based on?</div>
<div>I see lots of problems from the developer’s side, but what else would the
buyer be exposed to if this never gets approved?</div>
<div> </div>
<div>and if this is a doable thing, anyone have forms for the option to purchase
? (yeah right).</div>
<div> </div>
<div>Thanks</div>
<div> </div>
<div>Josh</div>
<div> </div>
<div style="font-size: 12pt; font-family: Calibri; ">Joshua F.
Grant, PS<br>Attorney at Law<br>P. O. Box 619<br>Wilbur, WA 99185<br>tel 509 647
5578<br>fax 509 647 2734<br></div></div></div></div>
_______________________________________________<br>WSBARP mailing list<br><a href="mailto:WSBARP@lists.wsbarppt.com">WSBARP@lists.wsbarppt.com</a><br>http://mailman.fsr.com/mailman/listinfo/wsbarp</blockquote></div><br></body></html>