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

[Maxwell Glasson]

Scott and Sam,

I’m only aware of the availability of this sort of endorsement for Loan policies, not Owner’s policies.  It would be ALTA 38-06.

Regards,

Maxwell B. Glasson
Glasson Legal, PLLC
2212 Queen Anne Ave. N, #659
Seattle, Washington, 98109
206-627-0528
max at glassonlegal.com<mailto:max at glassonlegal.com>
www.glassonlegal.com<http://www.glassonlegal.com>
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From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Samuel M. Meyler
Sent: Wednesday, March 10, 2021 9:18 AM
To: 'WSBA Real Property Listserv' <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] Nominees; WAC 458-61A-214; Flyhomes

Scott,

That is a great question.  I would love to know the answer to that as well.

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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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 Scott Osborne
Sent: Tuesday, March 9, 2021 7:04 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>>
Subject: Re: [WSBARP] Nominees; WAC 458-61A-214; Flyhomes

Does the ultimate owner receive a title policy insuring against the potential excise tax?
Scott Osborne

scott.osborne2 at gmail.com<mailto:scott.osborne2 at gmail.com>
scott.osborne at foster.com<mailto:scott.osborne at foster.com>
206 447-6293 - Direct Line
206 359-5454 Cell

Sent from my iPhone

On Mar 9, 2021, at 9:24 PM, Samuel M. Meyler <samuel at meylerlegal.com<mailto:samuel at meylerlegal.com>> wrote:

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:  samuel at meylerlegal.com<mailto:samuel at meylerlegal.com>

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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 Robert R. Cole
Sent: Tuesday, March 9, 2021 5:44 PM
To: wsbarp at lists.wsbarppt.com<mailto: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:  samuel at meylerlegal.com<mailto:samuel at meylerlegal.com>

NOTICE:

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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 marc holmeslawgroup.com
Sent: Tuesday, March 9, 2021 4:51 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com><mailto: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:

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