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

[Dwight Bickel]

I wondered about that particular requirement too, but apparently DOR accepts that the funds are the funds of the borrower. Funds loaned to a borrower are borrower's funds. Normally the funds are disbursed to borrower, who uses the funds to pay the seller. In this transaction, the funds are disbursed directly to the seller, and FlyHomes acts as agent to acquire the land, then convey to the borrower. It seems in the spirit of the exemption, but there are many instances DOR is more than happy to disregard an exemption anyway. Isn't this FlyHomes example quite similar to the acquisition by purchasers at foreclosure sales that are financed?

Dwight A. Bickel
Real Property Title Advisor
Washington Title Professional
Dwight at DwightBickel.com<mailto:Dwight at DwightBickel.com>
https:/dwightbickel.com
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