[WSBARP] REET Exemption for Parents to Son

[Nicholas Pleasants]

Thank you very much, John. The gift exemption seems to fit perfectly.
Best,
Nick

From: <wsbarp-bounces at lists.wsbarppt.com> on behalf of John McCrady <j.mccrady at pstitle.com>
Reply-To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Date: Tuesday, August 31, 2021 at 4:42 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] REET Exemption for Parents to Son

See attached Supplemental Excise Tax Affidavit; it references your transaction.

John McCrady
Counsel
Puget Sound Title Company
5350 Orchard Street West
University Place WA 98467
253-476-5721
j.mccrady at pstitle.com<mailto:j.mccrady at pstitle.com>
[Picture4]
Beginning July 26, 2021, recording fees for most documents recorded in Washington will increase by $100<https://www.piercecountywa.gov/DocumentCenter/View/105275/Recording-Fee-Schedule-Effective-Jul-25-2021->. Please be sure to collect recording fees accordingly. Due to the above increase, our Reconveyance fees will also be increased by $100.00

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From: wsbarp-bounces at lists.wsbarppt.com [mailto: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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Pleasants Law Firm, P.S.
2300 130th Ave NE, Suite A-101
Bellevue, WA 98005-1755
(425) 615-7070 tel/fax
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