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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link="#0563C1" vlink="#954F72"><div class=WordSection1><p class=MsoNormal>Thank you for the response. I reviewed the statute, which of course prompted me to dig in further. In my case, the property is unencumbered and they are not refinancing existing debt. Brother is being added because he has good credit and will be the principal borrower.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>I found WAC 458-61A-215. Looks like it is exempt as long as client makes all the payments. However, if client is not a “borrower” I am not sure how that will be affected.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Nestor<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><span style='color:black'>Nestor Gorfinkel, Attorney at Law<o:p></o:p></span></p><p class=MsoNormal><span style='color:black'>Licensed in Washington & Florida<o:p></o:p></span></p><p class=MsoNormal><span style='color:black'>Florida Civil-Law (International) Notary<o:p></o:p></span></p><p class=MsoNormal><b><span style='font-size:24.0pt;font-family:Webdings;color:#009900'>P</span></b><b><span style='font-size:24.0pt;color:#009900'> </span></b><b><span style='font-size:9.0pt;font-family:"Verdana",sans-serif;color:#009900'>Please consider the environment before printing this e-mail.</span></b><span style='font-family:"Century Schoolbook",serif;color:black'><o:p></o:p></span></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><div><div style='border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal><b>From:</b> wsbarp-bounces@lists.wsbarppt.com <wsbarp-bounces@lists.wsbarppt.com> <b>On Behalf Of </b>John McCrady<br><b>Sent:</b> Wednesday, May 9, 2018 11:27 AM<br><b>To:</b> WSBA Real Property Listserv <wsbarp@lists.wsbarppt.com><br><b>Subject:</b> Re: [WSBARP] Excise Tax on QCD<o:p></o:p></p></div></div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><span style='color:#1F497D'>See WAC 458-61A 201(4) (a) <o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'>There is a rebuttable presumption that the transfer is a sale and not a gift if the grantee is involved in a refinance of debt on the property within six months of the time of the transfer.<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='color:#1F497D'>I don’t know whether there has been an decision construing “refinance”.<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='color:#1F497D'>John McCrady<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'>Counsel<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'>Puget Sound Title Company<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'>5350 Orchard Street West<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'>University Place WA 98467<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'>253-476-5721<o:p></o:p></span></p><p class=MsoNormal><span style='color:#1F497D'><a href="mailto:j.mccrady@pstitle.com">j.mccrady@pstitle.com</a><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>From:</b> <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><a href="mailto:nestor@pplsweb.com">nestor@pplsweb.com</a><br><b>Sent:</b> Wednesday, May 09, 2018 10:33 AM<br><b>To:</b> 'WSBA Real Property Listserv' <<a href="mailto:wsbarp@lists.wsbarppt.com">wsbarp@lists.wsbarppt.com</a>><br><b>Subject:</b> [WSBARP] Excise Tax on QCD<o:p></o:p></p></div></div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Client has unencumbered property and wants to add brother as a gift and then and then refinance with brother as the main borrower. The way I see it Excise Tax not due on the transfer. Let me know if I am wrong. <o:p></o:p></p><p class=MsoNormal> <o:p></o:p></p><p class=MsoNormal>I would of course have the transfer done in advance of the refinance. <o:p></o:p></p><p class=MsoNormal> <o:p></o:p></p><p class=MsoNormal> <o:p></o:p></p><p class=MsoNormal><span style='color:black'>Nestor Gorfinkel, Attorney at Law </span><o:p></o:p></p><p class=MsoNormal><span style='color:black'>Licensed in Washington & Florida </span><o:p></o:p></p><p class=MsoNormal><span style='color:black'>Florida Civil-Law (International) Notary </span><o:p></o:p></p><p class=MsoNormal><b><span style='font-size:10.0pt;color:black'> </span></b><o:p></o:p></p><p class=MsoNormal><b><span style='font-size:24.0pt;font-family:Webdings;color:#009900'>P</span></b><b><span style='font-size:24.0pt;color:#009900'> </span></b><b><span style='font-size:9.0pt;font-family:"Verdana",sans-serif;color:#009900'>Please consider the environment before printing this e-mail.</span></b><span style='font-family:"Century Schoolbook",serif;color:black'> </span><o:p></o:p></p><p class=MsoNormal> <o:p></o:p></p><p class=MsoNormal> <o:p></o:p></p></div></body></html>