[WSBARP] REET exemption question

[nestor at pplsweb.com]

The Excise tax is paid on the real estate contract. Look at the recorded
real estate contract or the Fulfillment deed which should state that excise
tax was paid. Without seeing the excise tax previously  paid, this situation
should be "clearing title".

 

 

Nestor Gorfinkel, Attorney at Law

Licensed in Washington & Florida

Florida Civil-Law (International) Notary

 

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From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com>
On Behalf Of Eric Lanza
Sent: Monday, October 8, 2018 10:26 AM
To: wsbarp at lists.wsbarppt.com
Subject: [WSBARP] REET exemption question

 

Listserv,

 

Parents sold property to children on Real Estate Contract. 

 

Real estate contract paid in full many years ago. Parents executed
fulfillment deed when paid off. 

 

Children are selling the home, and title company notes that fulfillment deed
was defective---the grantors on fulfillment did not match the grantors
listed on the REC. 

 

I obtained quit claim deed from parents to children--need to record this
quit claim deed to clear title. 

 

What would be the best REET exemption to claim? It isn't a true
"re-recording" of the fulfillment deed, and I am not sure if the "clearing
or exiting title" (WAC 458-61A-215) exemption applies here. 

 

Is the "gift exemption" all I am left with? 

 

I'm also curious what exemption is proper when recording a fulfillment
deed---you would think it would fall under WAC 458-61A-208, but it seems to
only apply to forfeitures, and not fulfillment deeds?

 

Thanks in advance for your thoughts!

 

Eric J. Lanza, J.D.



1800 Cooper Point RD SW NO. 8  |  Olympia, WA 98502  

Telephone 360.352.1970  |  Fax 360.357.0844 |   <http://www.jaglaw.net/>
www.jaglaw.net  

 <mailto:eric at jaglaw.net> eric at jaglaw.net 

 

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