[WSBARP] Co-Signor Exemption Certification-Requirement Date

Thu Jul 4 16:08:36 PDT 2024

I would file it because when you deposit the cash in your Trust Account the bank will file a "SAR" (Suspicious Activity Report). Some people get cute and split it up in 2 or more payments and deposit less than $10K, but most banks will consider it suspicious anyways and file a SAR.

Cordially,

Nestor Gorfinkel, Attorney at Law
Licensed in Florida & Washington State
Florida Civil-Law (International) Notary

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From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Mark Anderson
Sent: Tuesday, April 23, 2024 2:59 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] FW: Co-Signor Exemption Certification-Requirement Date

See below.

Mark B. Anderson
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From: Washington Department of Revenue <WADOR at public.govdelivery.com<mailto:WADOR at public.govdelivery.com>>
Sent: Thursday, April 18, 2024 9:13 AM
To: Mark Anderson <marka at mbaesq.com<mailto:marka at mbaesq.com>>
Subject: Co-Signor Exemption Certification-Requirement Date

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[Washington State Department of Revenue]
Certification Form for Co-Signor Exemption
Requirement Date
The department previously sent a notification to introduce the certification form for claiming a co-signor exemption under WAC 458-61A-215(2)(d) & (e).
This certification will become required on June 1, 2024.
Copy of notification dated March 5, 2023:
The exemption allowed under WAC 458-61A-215(2)(d) for addition of a co-signor to title and (2)(e) for removal of a co-signor from title require a narrative submitted with the Real Estate Excise Tax Affidavit.
Due to the high level of misuse resulting in unintended tax consequences, the department has developed a certification form for use in place of the prior "free form narrative".
This certification must be signed by the grantor and the grantee (or their agents).  The questions on the certification require a series of yes or no answers regarding the personal finances of the grantor and grantee and the signature is under penalty of perjury.  If signing as an agent, you should be confident that you know the answers to the questions.
To allow a period of adjustment for this new requirement, the department is highly suggesting the use of this certification form in place of any other narrative for exemption claims of adding or removing a co-signor.
IMPORTANT:  At a future time, this certification will become REQUIRED.  We will continue to communicate as we move forward with implementation.
The certification can be found on the REET forms page at dor.wa.gov/REETforms in the "Additional documents" category.
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