[WSBARP] REETA
Shaun Watchie Perry
shaunwperry at swp-law.com
Mon Nov 11 10:52:51 PST 2024
The supplemental excise tax affidavit asks if ANY Refinancing will occur
AFTER transfer. I agree with Craig that a HELOC is not a refinance,
but additional financing. But just to be safe, I would call and talk to
the Excise tax folks. My experience is that they have been taking an
increasingly aggressive view that ANY financing within 18 months of
transfer triggers REET. I am not sure if they would look at this
logically like we are, given their need to grab money. At least it would
be guidance of how to fill out the form, and be ready if case of the
inevitable audit.
Good luck. DO share with us what the Excise Folks say, if you choose to
call!
-Shaun
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On 2024-11-11 9:07 am, Craig Blackmon 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 [1]
> 92 Lenora St. Seattle WA 98121
> Office/Cell: (206) 369-5949
> On the blog: Changes to Title and the QCD [2]
> [3] [4]
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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
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Links:
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[1]
https://www.mywsba.org/PersonifyEbusiness/LegalDirectory/LegalProfile.aspx?Usr_ID=000000029240
[2] https://seattlepropertylawyer.com/blog/quitclaim-deed-explained
[3] https://seattlepropertylawyer.com/
[4] https://www.fsbolawyers.org/
[5] tel:206.260.1411
[6] http://www.swp-law.com/
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