[WSBARP] Nominees; WAC 458-61A-214; Flyhomes

[marc holmeslawgroup.com]

I am familiar with FlyHomes and have been very impressed with how far they've come since I first met the founders when they were just getting started.

You can probably find a home they've sold in King County on their website and then search the county recorder's website for the excise affidavits filed in that transaction.



Marc Holmes, JD
Holmes Law Group PLLC
2303 W. Commodore Way, Suite 306
Seattle, WA 98199
marc at holmeslawgroup.com<mailto:marc at holmeslawgroup.com>
(206) 357-4224 (ofc)
(206) 849-0853 (cell)

From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Samuel M. Meyler
Sent: Tuesday, March 9, 2021 6:26 PM
To: 'WSBA Real Property Listserv' <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] Nominees; WAC 458-61A-214; Flyhomes

Listmates,

WAC 458-61A-214 provides an excise tax exemption for the subsequent transfer of property by a "nominee" to a third-party (the intended buyer).  My understanding is that FlyHomes uses this exemption to purchase properties for cash on behalf of its clients and subsequently sell the property to the client, without having to pay excise tax on the subsequent transfer.

For those who are unfamiliar, FlyHomes is a real estate firm with a lending arm that allows its buyer-clients to present an "all cash offer" by purchasing the home for the client for all cash and then selling it to the client, allowing the client to essentially present an extremely competitive, all-cash offer.  This is not a promo for FlyHome's services... I just find it to be an interesting model and I am researching it.

Is anyone familiar with this type of transaction and how to document it?  I know that the WAC provides examples and "explains" what documentation is necessary, but I am wondering if someone may have actually prepared materials documenting a transaction involving a nominee that have been accepted when recording and if you would be able to share those materials for review.  TIA

Sam



Samuel M. Meyler
Meyler Legal, PLLC
1700 Westlake Ave. N., Ste. 200
Seattle, Washington 98109
Tel:  206.876.7770
Fax:  206.876.7771
Email:  samuel at meylerlegal.com<mailto:samuel at meylerlegal.com>

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