[WSBARP] Transfer

[Mark Anderson]

Absent a new deed that reallocates ownership interests, the 3 parties each own 1/3 of the property as tenants-in-common.  Excise tax is only due on the amount paid as consideration for the purchase.  The county might take exception to the $10,000 valuation, however, saying that Owner A's interest is instead worth closer to 1/3 of the assessed value ($10,000 may look like a token amount for the purchase/sale).  If any debt is being assumed by the purchaser, that also figures into the total consideration upon which the excise tax is based.

Mark B. Anderson
ANDERSON LAW FIRM PLLC
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Tacoma, Washington 98402
+1 253-327-1750
+1 253-327-1751 (fax)
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From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Nestor Gorfinkel
Sent: Friday, August 6, 2021 9:48 AM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] Transfer

3 parties own a property. Owner A wants to sell their portion for $10,000. Owner A only put in $10K and the other partners put in the balance.

The deed does not breakdown owner interest. Is the Excise tax due on the % interest of downpayment and % int of balance due on Mortgage?

Thanks.

Nestor Gorfinkel, Attorney at Law
Licensed in Florida & Washington State
Florida Civil-Law (International) Notary

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