[WSBARP] "Excise" versus "Transfer"

[Richard Holland]

So we have a rather 'continuing' issue with REO Sellers.  Their contracts or rather their 'addendum' to the purchase and sale agreement, is, of course, a 'nation-wide document'.  The issue we run into is that while it plainly states that the Buyer is responsible for "transfer" tax, that all other fees etc are allocated according to 'local custom'.  Of course in Washington, Excise Tax is the responsibility of the Seller.  Nothing says it can't be made the Buyer's responsibility - just that ultimately it is on the Seller.  So round and round we go:  Seller says 'excise is a transfer tax' but Washington doesn't have a transfer tax.  Yes, it could be cleared up with a simple change to the contract from the outset but, again "nation-wide" so no changes.  Buyers' agents, naturally, flip their lid that the excise tax is being charged to the Buyer and we end up with an 11th hour argument between the parties over whether or not the words 'transfer tax' or 'transfer fees' really mean Real Estate Excise Tax.  I would really like any sort of way to address this and stop this repeated hurdle.  Any ideas?

Sincerely,

Richard L. Holland

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