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--></style></head><body lang="EN-US" link="blue" vlink="purple"><div class="WordSection1"><p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">Also the insurance carrier can deny coverage for any claim (larger the more likely) as the insured no longer has an insurable interest in the transferred property.</span></p><p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"> </span></p><p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">The grantee son should get their own liability/fire coverage.</span></p><div><p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"> </span></p><p class="MsoNormal"> </p><table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="350" style="width:262.5pt"><tr><td width="95" style="width:71.25pt;padding:0in 0in 0in 0in"><p class="MsoNormal"><span style="font-family:"Arial",sans-serif"><img width="95" height="131" style="width:.9895in;height:1.3645in" id="Picture_x0020_9" src="cid:image003.jpg@01D61E12.ADFF90A0"></span></p></td><td width="210" style="width:157.5pt;padding:0in 0in 0in 0in"><p class="MsoNormal"><b><span style="font-size:11.5pt;font-family:"Arial",sans-serif;color:black">Robert R Rowley</span></b><span style="font-family:"Arial",sans-serif"><br></span><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#0e1735">Attorney & Counselor at Law</span><span style="font-family:"Arial",sans-serif"><br></span><span style="font-family:"Arial",sans-serif;color:blue"><img width="12" height="12" style="width:.125in;height:.125in" id="Picture_x0020_2" src="cid:image005.png@01D61E12.ADFF90A0"></span><span style="font-family:"Arial",sans-serif"> <a href="tel:(509)%20252-5074" target="new"><span style="font-size:9.0pt;color:#7e8183">(509) 252-5074</span></a> </span><span style="font-family:"Arial",sans-serif;color:blue"><img border="0" width="12" height="12" style="width:.125in;height:.125in" id="Picture_x0020_3" src="cid:image007.png@01D61E12.ADFF90A0"></span><span style="font-family:"Arial",sans-serif"> <a href="tel:(509)%20994-1143" target="new"><span style="font-size:9.0pt;color:#7e8183">(509) 994-1143</span></a><br></span><span style="font-family:"Arial",sans-serif;color:blue"><img border="0" width="12" height="12" style="width:.125in;height:.125in" id="Picture_x0020_4" src="cid:image009.png@01D61E12.ADFF90A0"></span><span style="font-family:"Arial",sans-serif"> <a href="fax:(509)%20928-3084" target="new"><span style="font-size:9.0pt;color:#7e8183">(509) 928-3084</span></a> </span><span style="font-family:"Arial",sans-serif;color:blue"><img border="0" width="12" height="12" style="width:.125in;height:.125in" id="Picture_x0020_5" src="cid:image011.png@01D61E12.ADFF90A0"></span><span style="font-family:"Arial",sans-serif"> <a href="http://www.rowleylegal.com/" target="new"><span style="font-size:9.0pt;color:#7e8183">rowleylegal.com</span></a><br></span><span style="font-family:"Arial",sans-serif;color:blue"><img border="0" width="12" height="10" style="width:.125in;height:.1041in" id="Picture_x0020_6" src="cid:image013.png@01D61E12.ADFF90A0"></span><span style="font-family:"Arial",sans-serif"> <a href="mailto:rob@rowleylegal.com" target="new"><span style="font-size:9.0pt;color:#7e8183">rob@rowleylegal.com</span></a><br></span><span style="font-size:8.5pt;font-family:"Arial",sans-serif;color:#0e1735">Helping You Protect What Matters Most</span><span style="font-family:"Arial",sans-serif"><br></span><a href="https://www.facebook.com/rowleylegal" target="new"><span style="font-family:"Arial",sans-serif;text-decoration:none"><img border="0" width="17" height="17" style="width:.177in;height:.177in" id="Picture_x0020_7" src="cid:image015.png@01D61E12.ADFF90A0"></span></a><span style="font-family:"Arial",sans-serif"> </span><a href="https://www.twitter.com/ROBERTRROWLEY" target="new"><span style="font-family:"Arial",sans-serif;text-decoration:none"><img border="0" width="17" height="17" style="width:.177in;height:.177in" id="Picture_x0020_8" src="cid:image017.png@01D61E12.ADFF90A0"></span></a><span style="font-family:"Arial",sans-serif"></span></p></td></tr></table><p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><i><span style="font-size:12.0pt;font-family:"Times New Roman",serif">Practice concentrated on business, real estate and general legal matters in Washington and Idaho. </span></i></p><p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">NOTICE: The contents of this message and any attachments may be protected by the attorney-client privilege, work product doctrine or other applicable protections. If you are not the intended recipient or have received this message in error, please notify the sender and promptly delete the message. Thank you for your assistance. DISCLAIMER: You should recognize that responses provided by e-mail means are akin to ordinary telephone or face-to-face conversations and do not reflect the level of factual or legal inquiry or analysis which would be applied in the case of a formal legal opinion. A formal opinion may very well reach a different conclusion.</span></p></div><p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"> </span></p><div><div style="border:none;border-top:solid #e1e1e1 1.0pt;padding:3.0pt 0in 0in 0in"><p class="MsoNormal"><b>From:</b> <a href="mailto:wsbarp-bounces@lists.wsbarppt.com">wsbarp-bounces@lists.wsbarppt.com</a> <<a href="mailto:wsbarp-bounces@lists.wsbarppt.com">wsbarp-bounces@lists.wsbarppt.com</a>> <b>On Behalf Of </b>Jeanne Dawes<br><b>Sent:</b> Wednesday, April 29, 2020 10:19 AM<br><b>To:</b> WSBA Real Property Listserv <<a href="mailto:wsbarp@lists.wsbarppt.com">wsbarp@lists.wsbarppt.com</a>><br><b>Subject:</b> Re: [WSBARP] Quit Claim Deed for gift of equity and consideration of mortgage transfer</p></div></div><p class="MsoNormal"> </p><p class="MsoNormal"><span style="font-size:12.0pt;color:blue">Kaitlyn,</span></p><p class="MsoNormal"><span style="font-size:12.0pt;color:blue"> </span></p><p class="MsoNormal"><span style="font-size:12.0pt;color:blue">I believe you can use “love and affection” as words of consideration, and then add a Subject to: describing the mortgage.</span></p><p class="MsoNormal"><span style="font-size:12.0pt;color:blue"> </span></p><p class="MsoNormal"><span style="font-size:12.0pt;color:blue">Be aware, that the transfer most likely will be a breach of the due-on-sale clause. If the mortgage company does not agree to the transfer, it will most likely be impossible for the son to get information from the mortgage company, and the mortgage company will continue to mail all correspondence, including end-of-year info and escrow info to the original borrowers. The mortgage company will be alerted when the tax records change and the insurance notice to the mortgage company identifies a new owner. Whether it will do something about it depends on the lender. I’ve had lenders ignore it as long as the payments are being made, and then there are those that will not, such as Wells Fargo.</span></p><p class="MsoNormal"><span style="font-size:12.0pt;color:blue"> </span></p><p class="MsoNormal"><span style="font-size:12.0pt;color:blue"> </span></p><p class="MsoNormal"><i><span style="font-size:18.0pt;font-family:"TypoUpright BT";color:blue">Jeanne</span></i><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:blue"> </span></p><p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:blue"> </span></p><p class="MsoNormal"><b><i><span style="font-size:18.0pt;font-family:"TypoUpright BT";color:blue">Jeanne J.</span></i></b><b><i><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:blue"> </span></i></b><b><i><span style="font-size:18.0pt;font-family:"Bella Donna";color:blue">Dawes</span></i></b></p><p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:blue">Attorney at Law</span><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:blue"></span></p><p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:blue">Gore & Grewe, P.S.</span><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:blue"></span></p><p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:blue">103 E. Indiana Avenue, Suite A</span><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:blue"></span></p><p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:blue">Spokane, WA 99207-2317</span><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:blue"></span></p><p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:blue">Voice: 509-326-7500</span><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:blue"></span></p><p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:blue">Fax: 509-326-7503</span><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:blue"></span></p><p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:blue"><a href="mailto:jjdawes@goregrewe.com">jjdawes@goregrewe.com</a></span></p><p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:blue"> </span></p><p class="MsoNormal"><span style="color:blue"><img border="0" width="271" height="152" style="width:2.8229in;height:1.5833in" id="_x0037_029b209-7d72-4ff3-a3f4-7f0f7da9282c" src="cid:image018.jpg@01D61E12.422FC5C0"></span><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:blue"></span></p><p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:blue">INFORMATION CONTAINED IN THIS E-MAIL TRANSMISSION IS PRIVILEGED AND CONFIDENTIAL. </span><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:blue"> </span><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:blue"></span></p><p class="MsoNormal"><span style="font-size:12.0pt;color:blue"> </span></p><div style="border:none;border-top:solid #e1e1e1 1.0pt;padding:3.0pt 0in 0in 0in"><p class="MsoNormal"><b>From:</b> <a href="mailto:wsbarp-bounces@lists.wsbarppt.com">wsbarp-bounces@lists.wsbarppt.com</a> <b>On Behalf Of </b>Kaitlyn Jackson<br><b>Sent:</b> Tuesday, April 28, 2020 8:41 PM<br><b>To:</b> WSBA Real Property Listserv <<a href="mailto:wsbarp@lists.wsbarppt.com">wsbarp@lists.wsbarppt.com</a>><br><b>Subject:</b> [WSBARP] Quit Claim Deed for gift of equity and consideration of mortgage transfer</p></div><p class="MsoNormal"> </p><div><p class="MsoNormal">Hi brain trust -</p><div><p class="MsoNormal"> </p></div><div><p class="MsoNormal">I have a situation where a set of parents seek to quit claim deed a property to their son and his wife in exchange for the son taking over the mortgage on the property. The remaining mortgage is about 1/2 the property value so I'm aware that the son and his wife have to pay excise tax on the amount that is left on the mortgage that they are assuming. However, I can't seem to get the wording on the quit claim deed to "look right" in explaining that equity is gifted but there's consideration exchanged as well. </p></div><div><p class="MsoNormal"> </p></div><div><p class="MsoNormal">Does anyone have a similar quit claim deed they've done that they can share? </p></div><div><p class="MsoNormal"> </p></div><div><p class="MsoNormal">I really appreciate the help! I'm also aware that I will need to produce a supplemental statement for the REET. <br clear="all"></p><div><p class="MsoNormal"> </p></div><p class="MsoNormal">-- </p><div><div><div><div><div><p class="MsoNormal" style="background:white"><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif;color:#666666">Thank you,</span><span style="font-size:9.5pt;font-family:"Arial",sans-serif;color:#222222"></span></p></div><p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;font-variant:small-caps;color:#666666;background:white"><br></span><span style="font-size:13.5pt;font-family:"Tahoma",sans-serif;font-variant:small-caps;color:#666666;background:white">K</span><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif;font-variant:small-caps;color:#666666;background:white">aitlyn</span><span style="font-size:7.5pt;font-family:"Tahoma",sans-serif;font-variant:small-caps;color:#666666;background:white"> </span><span style="font-size:13.5pt;font-family:"Tahoma",sans-serif;font-variant:small-caps;color:#666666;background:white">R. 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