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

Tue Mar 9 17:44:26 PST 2021

Just because the treasurer allows it doesn't mean it works.  I had one 
that DOR notified us 2 years later that they had problems.  Have to do 
all the details.

Very Truly Yours,

Robert R. Cole

Law Office of Cole & Gilday, P.C.

10101 - 270th St. NW

Stanwood, WA 98292

(360) 629-2900 (Telephone)

(360) 629-0220 (Fax)

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On 3/9/2021 5:05 PM, Samuel M. Meyler wrote:
>
> 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:*samuel at meylerlegal.com <mailto: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 
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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
> marc at holmeslawgroup.com <mailto: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:*samuel at meylerlegal.com <mailto: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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