[WSBARP] Nominees; WAC 458-61A-214; Flyhomes
Samuel M. Meyler
samuel at meylerlegal.com
Tue Mar 9 17:05:32 PST 2021
Thanks, Marc. Yes, I have done that and seen what they attach to their
REETAs. I am looking for some other examples as well.
They have definitely come a long way in a short period of time. They have a
good amount of investment to back them up. It's a very interesting model.
Samuel M. Meyler
Meyler Legal, PLLC
1700 Westlake Ave. N., Ste. 200
Seattle, Washington 98109
Tel: 206.876.7770
Fax: 206.876.7771
Email: <mailto:samuel at meylerlegal.com> samuel at meylerlegal.com
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From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com>
On Behalf Of marc holmeslawgroup.com
Sent: Tuesday, March 9, 2021 4:51 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] Nominees; WAC 458-61A-214; Flyhomes
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
<mailto:marc at holmeslawgroup.com> marc at holmeslawgroup.com
(206) 357-4224 (ofc)
(206) 849-0853 (cell)
From: wsbarp-bounces at lists.wsbarppt.com
<mailto:wsbarp-bounces at lists.wsbarppt.com>
<wsbarp-bounces at lists.wsbarppt.com
<mailto: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
<mailto: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: <mailto:samuel at meylerlegal.com> samuel at meylerlegal.com
NOTICE:
This electronic message contains information which may be Confidential or
Privileged and constitutes an electronic communication within the meaning of
the Electronic Communications Privacy Act 18 USC 2510. The information is
intended to be for the use of the individual or entity named above. If you
are not the intended recipient, please be aware that any disclosure,
copying, distribution or use of the contents of this information is
prohibited. If you received this transmission in error, please notify the
sender and delete the copy you received together with any attachments.
Thank you.
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