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

[Chris MacMillan]

I've worked with Maureen O'Connell on these issues:

Maureen L. O’Connell

Taxpayer Information and Education
Washington State Department of Revenue
PO Box 47478
Olympia, WA 98504-7478

MaureenO at dor.wa.gov


*Chris M. MacMillan*, Attorney
*____________________________________*
* DEMCO LAW FIRM, P.S.*
*____________________________________*
*Office |* 206-203-6000    *Direct |* 503-314-9176
*Email |* cmacmillan at demcolaw.com



On Thu, Mar 11, 2021 at 9:04 AM Samuel M. Meyler <samuel at meylerlegal.com>
wrote:

> 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:*  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
>
> Dwight at DwightBickel.com
>
> https:/dwightbickel.com
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