[WSBARP] REETA

[Craig Blackmon]

If REET is paid at the time of conveyance on the remaining debt, then I
don't think the subsequent HELOC is relevant. The HELOC is additional debt,
where REET has already been paid on the underlying debt. I think you are in
the clear.

Please thank a veteran today! Maybe even hug 'em!

Craig
Craig Blackmon, Attorney at Law
<https://www.mywsba.org/PersonifyEbusiness/LegalDirectory/LegalProfile.aspx?Usr_ID=000000029240>
92 Lenora St. Seattle WA  98121
Office/Cell: (206) 369-5949
On the blog: Changes to Title and the QCD
<https://seattlepropertylawyer.com/blog/quitclaim-deed-explained>
<https://seattlepropertylawyer.com/>    <https://www.fsbolawyers.org/>
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On Fri, Nov 8, 2024 at 2:51 PM Randy Boyer <randyedlynlaw at gmail.com> wrote:

> Listmates
>
> Parents want to add two children to title to the home property.  The
> children will start making payments on the existing loan and pay REET on
> the balance assumed.
>
> The wrinkle is that they want to get a HELOC loan after the gift within
> six month to improve the existing home.  They will not be paying off the
> existing loan at that time.  Will the HELOC cause DOR to claim it is like a
> refinance seeking additional REET is due, penalties and interest.
>
> Randy
> *Randy M. Boyer                                                 ______*
> Attorney, WSBA# 8665
> Law Office of Randy M. Boyer, Inc. P.S.
> 7017 196th St. S.W.  Lynnwood, Washington 98036
> ( *425.712.3107*|   Fax 425.778.2274
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