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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link="#0563C1" vlink="#954F72"><div class=WordSection1><p class=MsoNormal><span style='color:#1F497D'>I agree with this.<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'>Josh also asked whether it was necessary to disclose on the PACD the balance owing on the Contract. I don’t believe such a disclosure is necessary. <o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'>It is of course necessary for the Grantor on the PACD to represent to the Grantee the balance owing, and the Grantee should verify with this amount with the contract seller.<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'><o:p> </o:p></span></p><div><p class=MsoNormal><span style='font-size:11.0pt;font-family:HelveticaNeueETW01-55Rg;color:#1F497D'>John McCrady<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:HelveticaNeueETW01-55Rg;color:#1F497D'>Counsel</span><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D'><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D'>Puget Sound Title Company<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D'>5350 Orchard Street West<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D'>University Place WA 98466<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D'>253-476-5721<o:p></o:p></span></p></div><p class=MsoNormal><span style='color:#1F497D'><o:p> </o:p></span></p><div><div style='border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal><b><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'>From:</span></b><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'> wsbarp-bounces@lists.wsbarppt.com [mailto:wsbarp-bounces@lists.wsbarppt.com] <b>On Behalf Of </b>Jeanne Dawes<br><b>Sent:</b> Thursday, November 12, 2015 3:54 PM<br><b>To:</b> WSBA Real Property Listserv <wsbarp@lists.wsbarppt.com><br><b>Subject:</b> Re: [WSBARP] Purchaser's assignment of contract and 1% tax<o:p></o:p></span></p></div></div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><span style='font-family:"Calibri",sans-serif;color:blue'>Josh,<o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Calibri",sans-serif;color:blue'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-family:"Calibri",sans-serif;color:blue'>You pay the excise tax on the purchase price, whatever that is. If it is a gift, it will be exempt, except if the donor is receiving debt relief, the excise tax will be on the balance of the debt amount (i.e. contract balance). If the donor will continue to pay on the underlying debt, no excise tax. <o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Calibri",sans-serif;color:blue'><o:p> </o:p></span></p><div><p class=MsoNormal><i><span style='font-size:18.0pt;font-family:"TypoUpright BT";color:blue'>Jeanne</span></i><span style='color:blue'> <o:p></o:p></span></p><p class=MsoNormal><span style='color:blue'><o:p> </o:p></span></p><p class=MsoNormal><b><i><span style='font-size:18.0pt;font-family:"TypoUpright BT";color:blue'>Jeanne J.</span><span style='color:blue'> </span></i></b><b><i><span style='font-size:18.0pt;font-family:"Bella Donna";color:blue'>Dawes<o:p></o:p></span></i></b></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:blue'>Attorney at Law</span><span style='color:blue'><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:blue'>Gore & Grewe, P.S.</span><span style='color:blue'><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:blue'>103 E. Indiana Avenue, Suite A</span><span style='color:blue'><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:blue'>Spokane, WA 99207-2317</span><span style='color:blue'><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:blue'>Voice: 509-326-7500</span><span style='color:blue'><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:blue'>Fax: 509-326-7503</span><span style='color:blue'><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:blue'><a href="mailto:jjdawes@goregrewe.com"><span style='color:blue'>jjdawes@goregrewe.com</span></a></span><span style='color:blue'><o:p></o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:blue'>INFORMATION CONTAINED IN THIS E-MAIL TRANSMISSION IS PRIVILEGED AND CONFIDENTIAL. </span><span style='color:blue'> </span><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:blue'><o:p></o:p></span></p></div><p class=MsoNormal><span style='font-family:"Calibri",sans-serif;color:blue'><o:p> </o:p></span></p><div><div style='border:none;border-top:solid #B5C4DF 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal><b><span style='font-size:10.0pt;font-family:"Tahoma",sans-serif'>From:</span></b><span style='font-size:10.0pt;font-family:"Tahoma",sans-serif'> <a href="mailto:wsbarp-bounces@lists.wsbarppt.com">wsbarp-bounces@lists.wsbarppt.com</a> [<a href="mailto:wsbarp-bounces@lists.wsbarppt.com">mailto:wsbarp-bounces@lists.wsbarppt.com</a>] <b>On Behalf Of </b>Josh Grant<br><b>Sent:</b> Thursday, November 12, 2015 3:38 PM<br><b>To:</b> wsbar<br><b>Subject:</b> [WSBARP] Purchaser's assignment of contract and 1% tax<o:p></o:p></span></p></div></div><p class=MsoNormal><o:p> </o:p></p><div><div><div><p class=MsoNormal><span style='font-family:"Calibri",sans-serif;color:black'>It looks to me in reading WAC 458-61A-104(1)(b)<o:p></o:p></span></p></div><div><p class=MsoNormal><span style='font-family:"Calibri",sans-serif;color:black'>That when my client signs and records a Purchaser’s assignment of contract and deed, that in order to record the deed he has to pay 1.53% excise tax on the balance owing on the contract.<o:p></o:p></span></p></div><div><p class=MsoNormal><span style='font-family:"Calibri",sans-serif;color:black'>If so do you recite the balance owing on the contract on the deed? The LPO forms seem to have it backward because they have us recite the amount owing on the contract on a<em><span style='font-family:"Calibri",sans-serif'> Seller’s</span></em> assignment of contract and deed form, but not on a <em><span style='font-family:"Calibri",sans-serif'>purchaser’s</span></em> assignment and deed; however the above WAC says that it is only payable on a purchaser’s assignment.???<o:p></o:p></span></p></div><div><p class=MsoNormal><span style='font-family:"Calibri",sans-serif;color:black'> <o:p></o:p></span></p></div><div><p class=MsoNormal><span style='font-family:"Calibri",sans-serif;color:black'>Josh<o:p></o:p></span></p></div></div></div></div></body></html>