[WSBARP] REET Exemption for Parents to Son

[Paul Neumiller]

Maybe WAC 458-61A-215 (Clearing Title)


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From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Nicholas Pleasants
Sent: Tuesday, August 31, 2021 4:02 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] REET Exemption for Parents to Son

Hi All,
Looking for a suggestion on how to structure a potential transaction. Parents want to transfer home to Son. The home equitably belongs to Son - he has paid the mortgage (and probably also the downpayment) since it was acquired from a third party years ago. At the time home was purchased by Parents, Son was going through a divorce, and to avoid muddying up the title with soon-to-be-ex-wife's potential interest, Son asked Parents to purchase the home and take out mortgage for him (I know, a bit weird). I think the mortgage does not need to be refinanced because of Garn St. Germain. So my main concern is how to structure the transaction to  be exempt from excise tax. Can parents quitclaim to son? What WAC would apply? Thanks for any input or steerage in the right direction.
Best,
Nick

Nicholas Pleasants
Owner

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