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Good Morning,
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I'm drafting a quit claim for a client where there was a a prior partial transfer in 2011 by H and W, and now H and W want to transfer the remaining interest.
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The 2011 QCD has Grantors H and W, conveying to Grantees H, W and S.
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The 2011 REETA shows excise tax paid on ½ the underlying debt, and no consideration of the equity paid to the Grantor, and lists Gross Selling Price of $66,132.48.
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<p>Is my assumption correct that as a result of the 2011 transfer, H, W, and S, each have a 1/3 interest, and S assumed ½ the underlying debt, and that 1/2 the underlying debt is $66,132.48? </p>
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And now, H and W now want to quit claim to S and SW, and there were be no further assumption of debt by S and SW. On the REETA, for the Gross Selling price do I list 2/3 of the equity and the exemption as 2/3 of the equity per WAC 458-61A-201?
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<p><span style="font-size: 10pt;"><span style="color: #800080;"><span style="font-size: 11pt;">Thanks,</span></span></span></p>
<p><span style="font-size: 10pt;"><span style="color: #800080;"><span style="font-size: 11pt;"><br></span><strong><span style="font-size: 11pt;">Jenny</span><span style="font-size: 11pt;"> Ling, Esq.</span><br></strong></span><em>Attorney and Counselor at Law<br><br></em> </span></p>
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