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<p class="MsoNormal">Nice! Thank you for the idea!<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal"><b>From:</b> wsbarp-bounces@lists.wsbarppt.com [mailto:wsbarp-bounces@lists.wsbarppt.com]
<b>On Behalf Of </b>Marc Holmes<br>
<b>Sent:</b> Thursday, March 9, 2017 1:55 PM<br>
<b>To:</b> 'WSBA Real Property Listserv' <wsbarp@lists.wsbarppt.com><br>
<b>Subject:</b> Re: [WSBARP] Property Conveyance 'hypothetical'<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">I like the other responses and here’s one more idea based on the premise that many people in A’s position get greedy and look for ways to get the lion share of the property’s
value. Thus, the heirs in this case are likely to assume A’s got ulterior motives and to distrust any proposals he puts forth.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">To mitigate that, have A tell the heirs that he wants to sell his ½ interest and will gladly sell it to any or all of them for X dollars. He’s also happy to buy their combined
½ interest for the same X dollars. If somebody steps up and cashes him out, done and done. If none want to buy it, then you write up a simple purchase and sale agreement with 100% seller financing and see if they will all sign it. I’d offer enticing terms
like above market interest rate, short balloon payoff, perhaps one year or maybe even 6 months, buyer covers all the closing costs including excise, title insurance, escrow, etc. The proposed deed of trust (or RE contract if you prefer) should cover the
entire property including the half he already owns.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">If they’ll take that deal, he’ll own the entire property and can keep it, sell to the neighbor, or list it and see what the market will bear. Of course, one or more of
the heirs might say they want to buy the property if seller financing is available. To that I’d say you bet cowboy, all we need is your siblings to sell their interests as well or to subordinate so that the deed of trust covers the entire property. A has
already demonstrated his willingness to subordinate so they’ll have a harder time saying no.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">If that deal closes, A gets a nice little annuity and payoff down the road. Plus, if they ever stop paying, he gets to foreclose and get their half of the property for
the cost of a foreclosure or forfeiture proceeding.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">If one or more of the heirs won’t agree to the deal, A can always offer to cash out some or all of the heirs in a cash or bank financed sale. The point of all this is to
get them to negotiate from a rational and not paranoid position.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">. <o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">Marc Holmes<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">Holmes Law Group PLLC<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">808 5th Ave N<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">Seattle WA 98109<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><a href="http://holmeslawgroup.com/"><span style="color:blue">HolmesLawGroup.com</span></a><span style="color:#1F497D"><o:p></o:p></span></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><a href="mailto:marc@holmeslawgroup.com"><span style="color:blue">marc@holmeslawgroup.com</span></a><span style="color:#1F497D"><o:p></o:p></span></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">Ofc: 206-357-4224<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">Cell: 206-849-0853<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif">From:</span></b><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif">
<a href="mailto:wsbarp-bounces@lists.wsbarppt.com">wsbarp-bounces@lists.wsbarppt.com</a> [<a href="mailto:wsbarp-bounces@lists.wsbarppt.com">mailto:wsbarp-bounces@lists.wsbarppt.com</a>]
<b>On Behalf Of </b>Eric Nelsen<br>
<b>Sent:</b> Thursday, March 9, 2017 12:10 PM<br>
<b>To:</b> WSBA Real Property Listserv<br>
<b>Subject:</b> Re: [WSBARP] Property Conveyance 'hypothetical'<o:p></o:p></span></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="color:#1F497D">Some other thoughts, possibly unhelpful:<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">1. If buyer will go for it, sell B's interest under warranty and then just issue a quitclaim with after-acquired title as to A's interest. If buyer pays taxes for 7 years with color of title, adverse possession
is accomplished.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">2. Start a probate of A, appoint B as administrator, sell to the buyer, deal with the rest of probate matters after taking a hefty PR fee for having to deal with it. Maybe the 5 heirs get a little, but so what--they
can't get more blood from a low-price turnip.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">3A. Long route, for B to acquire title to the whole: B pays property expenses, sues all 5 heirs for reimbursement under TIC common law rights, B gets default judgments against 'em all, then forecloses the judgments
and buys the property at sale. Then sell the whole property to the buyer.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D">3B. Alternatively--sell the property to buyer under #1 and explain #3A to the buyer--then buyer can do the same thing to take title from A's heir earlier than 7 years.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:12.0pt;color:#1F497D">Sincerely,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1F497D">
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1F497D">Eric<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1F497D">Eric C. Nelsen<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1F497D">SAYRE LAW OFFICES, PLLC<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1F497D">1417 31st Ave South<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1F497D">Seattle WA 98144-3909<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1F497D">phone 206-625-0092<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1F497D">fax 206-625-9040<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:12.0pt;color:red">Please Note that We Have Moved.</span></b><b><span style="font-size:12.0pt;color:#1F497D">
</span></b><span style="font-size:12.0pt;color:#1F497D">We have moved our Seattle office to Mount Baker Ridge (a small commercial community just above the I-90 tunnel).
<b>Our new address is 1417 31st Avenue South, Seattle WA 98144. </b>All other contact information remains the same.<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
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<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif">From:</span></b><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif">
<a href="mailto:wsbarp-bounces@lists.wsbarppt.com">wsbarp-bounces@lists.wsbarppt.com</a> [<a href="mailto:wsbarp-bounces@lists.wsbarppt.com">mailto:wsbarp-bounces@lists.wsbarppt.com</a>]
<b>On Behalf Of </b>Richard Holland<br>
<b>Sent:</b> Thursday, March 09, 2017 11:42 AM<br>
<b>To:</b> <a href="mailto:wsbarp@lists.wsbarppt.com">wsbarp@lists.wsbarppt.com</a><br>
<b>Subject:</b> [WSBARP] Property Conveyance 'hypothetical'<o:p></o:p></span></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">I cannot think of a different solution but am curious if others have any ideas:<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">A & B own property as TIC – not JT. Only A lived in property.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">A dies without a will. B is ‘stuck’ with property (it’s a nasty unkempt shack) and wants to sell/dump to neighbor who wants to demolish. A’s heirs are spread out all over and expressed
<i>verbally</i> no interest in property to B after clearing the house of all of A’s personal possessions.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">There are 5 heirs spread out all over who are unaware they technically own any part of shack and but are quite likely to suddenly smell $ despite a very low value.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">I can think of no approach other than 5 separate QCDs from heir to B or else they need to contribute to taxes and the healthy impending list of code violations.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Am I missing something?<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Sincerely,<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Richard L. Holland<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
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