[WSBARP] Multi-party Quitclaim?

[David Faber]

Thank you all. Your advice is much appreciated.

Best,
David J. Faber
Faber Feinson PLLC
210 Polk Street, Suite 1
Port Townsend, WA 98368
(360) 379-4110

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On Thu, Jul 2, 2015 at 4:27 PM, David Moe <davidmoe at maplevalleylaw.com>
wrote:

>  I haven’t had trouble doing this in King County where the same WAC
> 458-61A Claim (Single) of Excise Tax Exemption applies to each
> grantor—probably WAC 458-61A-211(2).  On the REETA and on the deed you
>  show the percentage ownership of each grantor, and the percentages need to
> track to the grantee LLC.
>
>
>
> E.g., “Grantors A, B, C, and D, each as sole owner of an undivided 25%
> interest in the described real property, quit claim and convey all their
> respective ownership interests to Grantee E, a Washington LLC, with the
> result that the member interests in said Grantee LLC thereupon are held 25%
> each by the aforementioned grantors.
>
>
>
> Separate (or successive) deeds are typically advisable or required where
> more than one or material alteration of ownership rights is happening, and
> possible different WAC Excise Tax Exemptions Sections are applicable and
> must be cited.  For example, say A, B, C, and D hold not as TIC but as
> JTWROS, (and even though each actually may own an undivided an undivided
> 25% of the fee, that fact is not recited in the last deed of record).  It
> might be wise to use successive sets of deeds and REETAs, one set  to sever
> the JTWROS and establish the TIC with stated percentage ownerships, and a
> successive set to capitalize the LLC.
>
> Have a great 4th weekend!
>
> dlm
>
>
>
> David L. Moe & Associates, P.S.
>
> Telephone:  425-432-1277
>
> Fax:  425-432-1280
>
> Address:
>
> 22128 SE 237th
>
> Maple Valley, WA 98038
>
>
>
> Email:  davidmoe at maplevalleylaw.com
>
> url:  http://www.maplevalleylaw.com
>
>
>
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>
> *From:* wsbarp-bounces at lists.wsbarppt.com [mailto:
> wsbarp-bounces at lists.wsbarppt.com] *On Behalf Of *David Faber
> *Sent:* Thursday, July 2, 2015 3:32 PM
> *To:* wsbarp
> *Subject:* [WSBARP] Multi-party Quitclaim?
>
>
>
> Good afternoon WSBARP,
>
>
>
> I'm working with a group to set up an LLC. They each own equal percentages
> of a property as Tenants in Common and they want to transfer their
> ownership of the property to their new LLC. I'm prepared to draw up
> individual Quitclaim Deeds but I'm wondering if such a thing is necessary.
> Could I just use a single QC with each Grantor listed? Would you bother
> including the ownership share of each Grantor or, because in total the
> entire ownership is being transferred to a single Grantee, such a thing
> would be superfluous?
>
>
>
> Any thoughts appreciated.
>
>
>    Best,
>
> David J. Faber
>
> Faber Feinson PLLC
>
> 210 Polk Street, Suite 1
>
> Port Townsend, WA 98368
> (360) 379-4110
>
>
>
> *** NOTICE: ATTORNEY CLIENT COMMUNICATION - PRIVILEGED & CONFIDENTIAL.
> This communication may contain privileged or other confidential
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