The Seattle School Board owns my land?
Purchasing Real Estate is a big deal. What happens when you encounter a wrinkle?
Previous clients referred the quick-witted K to me because they trusted my intelligence and ability to communicate key issues. Here's a 30 second discussion of the tricky land lease in the West Queen Anne Condo building. Congratulations, K!
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K: Matthew, what's going on with this condo? What would I actually own if I bought it?
Matthew: Let’s take a step back so we get the full picture.
K: You always say stuff like that. Why do you always take a simple question and make it complicated?
Matthew: My kids ask me the same thing. But in this case, it is complicated. Here’s the deal. In any condo, you own "from the drywall in” as an individual. Everything else, like hallways and elevators, is shared ownership because you are part of the Homeowner's Association.
K: That’s not so hard. Do you think you’re the only smart person in the room? So the same principle must apply to the land, right? Let’s move on. I’m a busy person.
Matthew: Well, here's the kicker. In most situations, that’s right. But in this situation, the land is owned by the Seattle School Board and leased to the Condo Association until 2082.
K: That's a hell of a plot twist! What if they want it back? What are you trying to sell me here?
Matthew: Well, I made some phone calls. It turns out the lease money funds programs at existing schools. It would be extremely expensive and inefficient for the District to buy back the land, convert all the condos into classrooms, and lose the easy funding they have through the lease.
K: Hmm… that helps, but I’ve seen things more surprising than that in my time, I assure you. I want something in writing.
Matthew: Yes, and I wouldn’t have it any other way. Let me show you it to you in writing, right here on the title recorded at the County: if they want it back, they have to buy the land at market price, plus improvements--meaning, your condo. You are protected.
K: So… it’s okay for me to buy this place… I’m safe?
Matthew: Yes, if you want it, buy it. You’re safe
I’m honored to give you and your friends the same level of diligent service as my dear friend K.
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K was referred to me my two previous clients. Thank you, L and S / S and N!
Congratulations on your purchase, K!
(And here it is in writing!)
