[WSBARP] REETA

[Jan Kelly]

Yes! I just had a wonderful conversation with a Veteran, and I wish I saw
your message first, as I would have given him a big hug!

On Mon, Nov 11, 2024 at 9:08 AM Craig Blackmon <
craig at lawofficeofcraigblackmon.com> wrote:

> 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
>> mail to: randyedlynlaw at gmail.com
>>
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-- 


*Jan Kelly, JD, MBA*Attorney at Law

JK Law
PO Box 1964
Poulsbo, WA 98370
Direct Line (702) 338-6733

*Licensed in Nevada and Washington*.


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