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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D">As far as I can tell the sole purpose is to avoid the due on sale provision because they don’t tell the lender the beneficial interest has been sold and also
to avoid excise tax although transfer of such an interest would be a controlling interest and therefore tax would be due<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><o:p> </o:p></span></p>
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<b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;position:relative;top:0pt;mso-text-raise:0pt">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;position:relative;top:0pt;mso-text-raise:0pt"> wsbarp-bounces@lists.wsbarppt.com
<wsbarp-bounces@lists.wsbarppt.com> <b>On Behalf Of </b>Robert R. Cole<br>
<b>Sent:</b> Wednesday, July 1, 2020 4:04 PM<br>
<b>To:</b> wsbarp@lists.wsbarppt.com<br>
<b>Subject:</b> Re: [WSBARP] Land trust beneficiary sales<o:p></o:p></span></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p>I had a potential client who wanted to use these to avoid excise tax. He took a hike.<o:p></o:p></p>
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<p class="MsoNormal"> <o:p></o:p></p>
<p class="MsoNormal">Very Truly Yours,<o:p></o:p></p>
<p class="MsoNormal">Robert R. Cole<o:p></o:p></p>
<p class="MsoNormal">Law Office of Cole & Gilday, P.C. <o:p></o:p></p>
<p class="MsoNormal"> <o:p></o:p></p>
<p class="MsoNormal">10101 - 270th St. NW <o:p></o:p></p>
<p class="MsoNormal">Stanwood, WA 98292 <o:p></o:p></p>
<p class="MsoNormal">(360) 629-2900 (Telephone) <o:p></o:p></p>
<p class="MsoNormal">(360) 629-0220 (Fax) <o:p></o:p></p>
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<p class="MsoNormal" style="punctuation-wrap:hanging;text-autospace:ideograph-numeric ideograph-other">
<span style="position:relative;top:0pt;mso-text-raise:0pt">On 7/1/2020 3:58 PM, Gregory L. Ursich wrote:<o:p></o:p></span></p>
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<pre>Bryce: What is the stated purpose by the client for a "Land Trust"?<o:p></o:p></pre>
<pre><o:p> </o:p></pre>
<pre><o:p> </o:p></pre>
<pre>Gregory L. Ursich <o:p></o:p></pre>
<pre>Shareholder<o:p></o:p></pre>
<pre>Skyline Tower, Suite 1500 | 10900 NE 4th Street | Bellevue, WA 98004<o:p></o:p></pre>
<pre>P: 425.450.4258 | F: 425.635.7720<o:p></o:p></pre>
<pre>vCard | website | <a href="mailto:gursich@insleebest.com">gursich@insleebest.com</a><o:p></o:p></pre>
<pre><o:p> </o:p></pre>
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<pre><o:p> </o:p></pre>
<pre>-----Original Message-----<o:p></o:p></pre>
<pre>From: <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>] On Behalf Of Bryce Dille<o:p></o:p></pre>
<pre>Sent: Wednesday, July 01, 2020 3:51 PM<o:p></o:p></pre>
<pre>To: <a href="mailto:wsbarp@lists.wsbarppt.com">wsbarp@lists.wsbarppt.com</a><o:p></o:p></pre>
<pre>Subject: [WSBARP] Land trust beneficiary sales<o:p></o:p></pre>
<pre><o:p> </o:p></pre>
<pre>Has anyone on the list serve had any experience with or knowledge concerningA scenario where the seller of the property puts his property into what is a identified as a “land trust“ In which a third-party is the trusteeAnd the Property seller is the Sole beneficiary. Then the seller enters into a purchase and sale agreement where where it Sells and conveys the beneficial interest in the trust. The buyer is now The sole beneficiary And can request the trustee at a later date to sell The property. When the property is put into the land trust the underlying lender is notified that it is being put into a trust and therefore not subject to the due on sale clause. If any of you have had any experience with this type of transaction please let me know your opinion on the validity and viability of this type of deal to avoid to the due on sale provisions of the underlying Mortgage.<o:p></o:p></pre>
<pre>Bryce H. Dille<o:p></o:p></pre>
<pre>Dille Law, PLLC<o:p></o:p></pre>
<pre>Office: 360-350-0270<o:p></o:p></pre>
<pre>Cell: 253-579-5561<o:p></o:p></pre>
<pre><o:p> </o:p></pre>
<pre>** Please note that I use the dictation feature of my iPhone and that sometimes everything I say does not get properly translated**<o:p></o:p></pre>
<pre><o:p> </o:p></pre>
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