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

[Kary Krismer]

Maybe I need to go back and look at some recent transactions, but my 
understanding was that relocation companies paid the excise tax twice on 
relocation listings.  If there ever were a transaction that was a 
nominee situation, that would be it in at least some Relocation 
situations (the ones where they DON'T pay off the relocation client 
early).  It's been many years though since I've looked at that issue on 
relocations.

Kary L. Krismer
206 723-2148

On 3/9/2021 4:25 PM, Samuel M. Meyler wrote:
>
> 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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