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

[Samuel M. Meyler]

Does anyone have a contact at DOR that might be able to explain their
position as to nominees, WAC 458-61A-214(3)(b) and structuring transactions
in the manner that FlyHomes does?  

 

 

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: Dwight Bickel <dwight at dwightbickel.com> 
Sent: Wednesday, March 10, 2021 4:05 PM
To: wsbarp at lists.wsbarppt.com
Cc: Samuel M. Meyler <samuel at meylerlegal.com>
Subject: RE: [WSBARP] Nominees; WAC 458-61A-214; FlyHomes

 

 

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

 <mailto:Dwight at DwightBickel.com> Dwight at DwightBickel.com

https:/dwightbickel.com

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