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

Tue Mar 9 18:20:30 PST 2021

Robert,

Yes, that's a concern and why I am asking for examples of transaction docs
that other have used.  

Does the issue with DOR that you are dealing with relate to the use of a
nominee to purchase property and the exemption under WAC 458-61A-214?  It
would be good to know what issues DOR has with such transactions.  

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

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From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com>
On Behalf Of Robert R. Cole
Sent: Tuesday, March 9, 2021 5:44 PM
To: wsbarp at lists.wsbarppt.com
Subject: Re: [WSBARP] Nominees; WAC 458-61A-214; Flyhomes

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:   <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
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From: wsbarp-bounces at lists.wsbarppt.com
<mailto:wsbarp-bounces at lists.wsbarppt.com>
<mailto: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  <mailto:wsbarp at lists.wsbarppt.com>
<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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