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<p class="MsoNormal"><span style="font-family:"Calibri",sans-serif;color:blue">Scott,<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">I would just add, to make sure the Deed of Trust you file against the new property is in the same lien position as the one you are releasing. You may want to recommend mortgagee’s
title insurance to your client to assure your client is not losing his/her priority position.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri",sans-serif;color:blue"><o:p> </o:p></span></p>
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<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></i></b><b><i><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">jjdawes@goregrewe.com</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>
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<p class="MsoNormal"><span style="font-family:"Calibri",sans-serif;color:blue"><o:p> </o:p></span></p>
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<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>Scott Hildebrand<br>
<b>Sent:</b> Monday, October 24, 2016 2:23 PM<br>
<b>To:</b> 'WSBA Real Property Listserv' <wsbarp@lists.wsbarppt.com><br>
<b>Subject:</b> Re: [WSBARP] Excise Tax on D/T<o:p></o:p></span></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">You are a lifesaver. Thanks!<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><o:p> </o:p></span></p>
<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">
<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>Michael Safren<br>
<b>Sent:</b> Monday, October 24, 2016 1:42 PM<br>
<b>To:</b> WSBA Real Property Listserv <<a href="mailto:wsbarp@lists.wsbarppt.com">wsbarp@lists.wsbarppt.com</a>><br>
<b>Subject:</b> Re: [WSBARP] Excise Tax on D/T<o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">Hi Scott,<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">I would suggest doing the full reconveyance because it will be a simpler series of transactions to complete (2 simple transactions vs. 1 a bit more complicated) and will make getting title insurance on both the parcels much easier to obtain.
Down the line, one of the parties are going to want to sell Property #1 and it could be difficult to provide clear title if there is no reconveaynce associated with Property #1 only a change in the note.<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">If the parties go with the modification route, the parties will have to modify the existing Deed of Trust as well as the note to secure the obligation against property #2. Again this can cause complications for title insurance as well
as drafting errors, because the terms of the Deed of Trust for property #1 may differ from the intended terms for property #2.<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">My suggestion is to have two simple transactions - a reconveyance on property #1 and create a note and Deed of Trust secured against Property #2 rolling in the existing indebtedness vs. drafting modifications to the note and Deed of Trust,
but I think both would accomplish the intend goals of the parties.<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">I hope this helps. <o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">Kind regards, <o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">On Mon, Oct 24, 2016 at 12:40 PM, Jay Goldstein <<a href="mailto:Jay@jaglaw.net" target="_blank">Jay@jaglaw.net</a>> wrote:<o:p></o:p></p>
<blockquote style="border:none;border-left:solid #CCCCCC 1.0pt;padding:0in 0in 0in 6.0pt;margin-left:4.8pt;margin-top:5.0pt;margin-right:0in;margin-bottom:5.0pt">
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:14.0pt;color:#1F497D">If it’s just the note being transferred, you could do note modification, reciting the modification and everyone signs.
</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:14.0pt;color:#1F497D"> </span><o:p></o:p></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:14.0pt;font-family:"Freehand521 BT";color:#17365D">Jay A. Goldstein</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:14.0pt;font-family:"Calibri",sans-serif;color:#1F497D"><img border="0" width="252" height="69" style="width:2.625in;height:.7187in" id="m_-6496538077310692990Picture_x0020_1" src="cid:image001.png@01D22E13.ED70E1A0" alt="cid:AEF18ED8-6AEE-403C-99E7-30A379E62D84@local"></span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:10.5pt;font-family:"Arial",sans-serif;color:#404040">1800 Cooper Point RD SW NO. 8</span><span style="font-size:10.5pt;font-family:"Arial",sans-serif;color:#5D6F21"> </span><span style="font-size:10.5pt;font-family:"Arial",sans-serif;color:#4C4C4C"> </span><span style="font-size:10.5pt;font-family:"Arial",sans-serif;color:#5C6D2C">|</span><span style="font-size:10.5pt;font-family:"Arial",sans-serif;color:#5D6F21"> </span><span style="font-size:10.5pt;font-family:"Arial",sans-serif;color:#4C4C4C"> Olympia,
WA 98502</span><span style="font-size:10.5pt;font-family:"Arial",sans-serif;color:#5D6F21">
</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:10.5pt;font-family:"Arial",sans-serif;color:#4C4C4C">Telephone
<a href="tel:360.352.1970" target="_blank">360.352.1970</a> </span><span style="font-size:10.5pt;font-family:"Arial",sans-serif;color:#1F497D"> </span><span style="font-size:10.5pt;font-family:"Arial",sans-serif;color:#5C6D2C">| </span><span style="font-size:10.5pt;font-family:"Arial",sans-serif;color:#4C4C4C"> Fax
<a href="tel:360.357.0844" target="_blank">360.357.0844</a> </span><span style="font-size:10.5pt;font-family:"Arial",sans-serif;color:#5C6D2C">|</span><span style="font-size:10.5pt;font-family:"Arial",sans-serif;color:#5D6F21"> </span><span style="font-size:10.5pt;font-family:"Arial",sans-serif;color:#4C4C4C"> <a href="http://www.jaglaw.net/" target="_blank">www.jaglaw.net</a>
</span><span style="font-size:11.0pt;font-family:"Arial",sans-serif;color:#1F497D"> </span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><u><span style="font-size:11.0pt;font-family:"Arial",sans-serif;color:#17365D"><a href="mailto:jay@jaglaw.net" target="_blank">jay@jaglaw.net</a></span></u><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><b><span style="font-size:11.0pt;color:#17365D"> </span></b><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:10.0pt;font-family:"Calibri",sans-serif;color:#000099">Nothing contained herein should be construed as legal advice.</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:10.0pt;font-family:"Calibri",sans-serif;color:#000099">The purpose of this email is to transmit a message or document.</span><o:p></o:p></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:10.0pt;font-family:"Calibri",sans-serif;color:#000099">please reply advising of the mistake and then delete this message
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:10.0pt;font-family:"Calibri",sans-serif;color:#000099">from your computer. Should you have any questions,
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:10.0pt;font-family:"Calibri",sans-serif;color:#000099">please call the Sender at
<a href="tel:360-352-1970" target="_blank">360-352-1970</a>.</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:11.0pt;font-family:"Tahoma",sans-serif;color:green">No trees were killed in sending this message
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:11.0pt;font-family:"Tahoma",sans-serif;color:green">(however, a large number of electrons were terribly inconvenienced).</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:10.0pt;font-family:"Calibri",sans-serif;color:#000099"> </span><o:p></o:p></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:14.0pt;color:#1F497D"> </span><o:p></o:p></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><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">
<a href="mailto:wsbarp-bounces@lists.wsbarppt.com" target="_blank">wsbarp-bounces@lists.wsbarppt.com</a> [mailto:<a href="mailto:wsbarp-bounces@lists.wsbarppt.com" target="_blank">wsbarp-bounces@lists.wsbarppt.com</a>]
<b>On Behalf Of </b>Scott Hildebrand<br>
<b>Sent:</b> Monday, October 24, 2016 12:34 PM</span><o:p></o:p></p>
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<p class="MsoNormal"><br>
<b>To:</b> 'WSBA Real Property Listserv' <<a href="mailto:wsbarp@lists.wsbarppt.com" target="_blank">wsbarp@lists.wsbarppt.com</a>><br>
<b>Subject:</b> Re: [WSBARP] Excise Tax on D/T<o:p></o:p></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"> <o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Michael-</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Here’s another one for you on the same fact pattern.</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">I am transferring an encumbrance from one property to another. Same parties, just need to transfer the note. Can
I do that with just a transfer of note or something simple like that? Do I need to reconvey??</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> </span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><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">
<a href="mailto:wsbarp-bounces@lists.wsbarppt.com" target="_blank">wsbarp-bounces@lists.wsbarppt.com</a> [<a href="mailto:wsbarp-bounces@lists.wsbarppt.com" target="_blank">mailto:wsbarp-bounces@lists.wsbarppt.com</a>]
<b>On Behalf Of </b>Michael Safren<br>
<b>Sent:</b> Monday, October 24, 2016 10:43 AM<br>
<b>To:</b> WSBA Real Property Listserv <<a href="mailto:wsbarp@lists.wsbarppt.com" target="_blank">wsbarp@lists.wsbarppt.com</a>><br>
<b>Subject:</b> Re: [WSBARP] Excise Tax on D/T</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"> <o:p></o:p></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">Hi Scott:<o:p></o:p></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"> <o:p></o:p></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">Craig beat me to the response, but Excise Tax does not apply to a reconveyance because it is not a "Taxable Sale" under the Administrative Code.<o:p></o:p></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"> <o:p></o:p></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">See WAC 458-61A-102(17)(e) which lists examples of non-taxable transfers<o:p></o:p></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">"<o:p></o:p></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;text-indent:.25in">
(e) <b>Examples.</b> The following examples, while not exhaustive, illustrate some of the circumstances in which a transfer may or may not be taxable. These examples should be used only as a general guide. The status of each situation must be determined after
a review of all of the facts and circumstances.<o:p></o:p></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;text-indent:.25in">
(i) John paid off his home mortgage and wants to get a loan to make improvements and buy a new car. John obtains an equity loan, secured by his home as collateral. This transaction is not subject to the real estate excise tax.<o:p></o:p></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;text-indent:.25in">
(ii) Bob purchased real property from Sam pursuant to a real estate contract. Real estate excise tax was paid on the purchase price at the time of the sale. Bob has now paid off the property, and Sam is issuing a fulfillment deed to Bob indicating that the
real estate contract has been satisfied. The fulfillment deed from Sam to Bob is not subject to the real estate excise tax.<o:p></o:p></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;text-indent:.25in">
(iii) Diane has made the final payment on her mortgage, and the bank issues a full reconveyance of her property, indicating that the mortgage is paid in full. The reconveyance is not subject to the real estate excise tax."<o:p></o:p></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;text-indent:.25in">
<o:p></o:p></p>
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Hope this helps. <o:p></o:p></p>
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Kind regards,<o:p></o:p></p>
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Michael Safren<o:p></o:p></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"> <o:p></o:p></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">On Mon, Oct 24, 2016 at 8:35 AM, Scott Hildebrand <<a href="mailto:scott@starboard-strategies.com" target="_blank">scott@starboard-strategies.com</a>> wrote:<o:p></o:p></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">Colleagues:<o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"> <o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">PC is beneficiary of a D/T on property 1.<o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">Grantor on property 1 wants to buy another property and PC would transfer encumbrance to property 2.<o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">Property 1 would then be free and clear and could be sold. D/T would have to be reconveyed.<o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">Can I accomplish this without paying excise tax, or, because there is a reconveyance, excise tax would have to be paid on property 1?<o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"> <o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">Thank you,<o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">Scott Hildebrand<o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"> <o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"> <o:p></o:p></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"> <o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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