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Actually 108 (4) (b)<br>
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<p class="MsoNormal">Very Truly Yours,</p>
<p class="MsoNormal">Robert R. Cole</p>
<p class="MsoNormal">Law Office of Cole & Gilday, P.C. </p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">10101 - 270th St. NW </p>
<p class="MsoNormal">P.O. Box 249 </p>
<p class="MsoNormal">Stanwood, WA 98292 </p>
<p class="MsoNormal">(360) 629-2900 (Telephone) </p>
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<div class="moz-cite-prefix">On 6/24/2015 10:09 AM, Josh Grant
wrote:<br>
</div>
<blockquote cite="mid:C5A8C70BBE9A49C39D3918FF3D9D85A2@JoshPC"
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Calibri'; COLOR:
#000000">
<div>Thanks Jeanne</div>
<div> </div>
<div>Client later advised me that he really didn’t need to
borrow on this piece (he has another house he can encumber
and he had all but $30,000 of what was needed to build his
house). I had another list-mate opine that if there is a
clear agreement in the beginning showing that the parties
intended to end up with the 5 acres being transferred only,
that the REET could get an exemption “to clear title”. I
don’t see how that could be done. The client will be
deeding back 35 acres of greatly improved land with a deed
“to clear title”. and the gift tax could be an issue (but I
doubt that the eventual bare lots are going to be that
much?). Interested in anyone’s view of the REET.</div>
<div> </div>
<div>Josh</div>
<div style="FONT-SIZE: small; TEXT-DECORATION: none;
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<div> </div>
<div style="BACKGROUND: #f5f5f5">
<div style="font-color: black"><b>From:</b> <a
moz-do-not-send="true" title="jjdawes@goregrewe.com"
href="mailto:jjdawes@goregrewe.com">Jeanne Dawes</a>
</div>
<div><b>Sent:</b> Tuesday, June 23, 2015 3:33 PM</div>
<div><b>To:</b> <a moz-do-not-send="true"
title="wsbarp@lists.wsbarppt.com"
href="mailto:wsbarp@lists.wsbarppt.com">WSBA Real
Property Listserv</a> </div>
<div><b>Subject:</b> Re: [WSBARP] Short Platt developer
and excited buyer</div>
</div>
</div>
<div> </div>
</div>
<div style="FONT-SIZE: small; TEXT-DECORATION: none;
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<p class="MsoNormal"><span style="FONT-FAMILY:
"Calibri","sans-serif"; COLOR:
blue">Josh, if I understand correctly the developer is
going to deed the entire 40 acres to your client?
Sounds dangerous. In addition to Steve’s comments,
there may be some tax consequences, if the value of
the property is more than the annual gift tax
exemption. One more thought, the Treasurer will
assess REET on the FMV, even if the purchase price is
$1. Additionally, the bank still won’t lend on just
part of it, they will want to take the entire 40 as
security. Big problem on the deed back to the
developer if it is now subject to a mortgage. It
sounds like a bad idea.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="FONT-FAMILY:
"Calibri","sans-serif"; COLOR:
blue"><o:p></o:p></span> </p>
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<p class="MsoNormal"><i><span style="FONT-SIZE: 18pt;
FONT-FAMILY: "TypoUpright BT"; COLOR:
blue">Jeanne</span></i><span style="COLOR: blue">
<o:p></o:p></span></p>
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<p class="MsoNormal"><b><i><span style="FONT-SIZE: 18pt;
FONT-FAMILY: "TypoUpright BT"; COLOR:
blue">Jeanne J.</span></i></b><b><i><span
style="COLOR: blue"> </span></i></b><b><i><span
style="FONT-SIZE: 18pt; FONT-FAMILY: "Bella
Donna"; COLOR: blue">Dawes<o:p></o:p></span></i></b></p>
<p class="MsoNormal"><span style="FONT-SIZE: 10pt;
FONT-FAMILY:
"Arial","sans-serif"; COLOR:
blue">Attorney at Law</span><span style="COLOR:
blue"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="FONT-SIZE: 10pt;
FONT-FAMILY:
"Arial","sans-serif"; COLOR:
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style="COLOR: blue"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="FONT-SIZE: 10pt;
FONT-FAMILY:
"Arial","sans-serif"; COLOR:
blue">103 E. Indiana Avenue, Suite A</span><span
style="COLOR: blue"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="FONT-SIZE: 10pt;
FONT-FAMILY:
"Arial","sans-serif"; COLOR:
blue">Spokane, WA 99207-2317</span><span
style="COLOR: blue"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="FONT-SIZE: 10pt;
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"Arial","sans-serif"; COLOR:
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<a class="moz-txt-link-abbreviated" href="mailto:wsbarp-bounces@lists.wsbarppt.com">wsbarp-bounces@lists.wsbarppt.com</a>
[<a class="moz-txt-link-freetext" href="mailto:wsbarp-bounces@lists.wsbarppt.com">mailto:wsbarp-bounces@lists.wsbarppt.com</a>] <b>On
Behalf Of </b>Josh Grant<br>
<b>Sent:</b> Tuesday, June 23, 2015 2:20 PM<br>
<b>To:</b> wsbar<br>
<b>Subject:</b> [WSBARP] Short Platt devloper and
excited buyer<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="FONT-FAMILY:
"Calibri","sans-serif";
COLOR: black">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.<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="FONT-FAMILY:
"Calibri","sans-serif";
COLOR: black"> <o:p></o:p></span></p>
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<p class="MsoNormal"><span style="FONT-FAMILY:
"Calibri","sans-serif";
COLOR: black">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”.<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="FONT-FAMILY:
"Calibri","sans-serif";
COLOR: black"> <o:p></o:p></span></p>
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<p class="MsoNormal"><span style="FONT-FAMILY:
"Calibri","sans-serif";
COLOR: black">So now the two of them have agreed
as follows:<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="FONT-FAMILY:
"Calibri","sans-serif";
COLOR: black"> <o:p></o:p></span></p>
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<p class="MsoNormal"><span style="FONT-FAMILY:
"Calibri","sans-serif";
COLOR: black">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.<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="FONT-FAMILY:
"Calibri","sans-serif";
COLOR: black"> <o:p></o:p></span></p>
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<p class="MsoNormal"><span style="FONT-FAMILY:
"Calibri","sans-serif";
COLOR: black">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?<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="FONT-FAMILY:
"Calibri","sans-serif";
COLOR: black">I see lots of problems from the
developer’s side, but what else would the buyer
be exposed to if this never gets approved?<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="FONT-FAMILY:
"Calibri","sans-serif";
COLOR: black"> <o:p></o:p></span></p>
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<p class="MsoNormal"><span style="FONT-FAMILY:
"Calibri","sans-serif";
COLOR: black">and if this is a doable thing,
anyone have forms for the option to purchase ?
(yeah right).<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="FONT-FAMILY:
"Calibri","sans-serif";
COLOR: black"> <o:p></o:p></span></p>
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<p class="MsoNormal"><span style="FONT-FAMILY:
"Calibri","sans-serif";
COLOR: black">Thanks<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="FONT-FAMILY:
"Calibri","sans-serif";
COLOR: black"> <o:p></o:p></span></p>
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<p class="MsoNormal"><span style="FONT-FAMILY:
"Calibri","sans-serif";
COLOR: black">Josh<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="FONT-FAMILY:
"Calibri","sans-serif";
COLOR: black"> <o:p></o:p></span></p>
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<p class="MsoNormal"><span style="FONT-FAMILY:
"Calibri","sans-serif";
COLOR: black">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<o:p></o:p></span></p>
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