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<p class="MsoNormal"><span style="font-size:11.0pt">Thank you very much, John. The gift exemption seems to fit perfectly.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt">Best, <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt">Nick<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt"><o:p> </o:p></span></p>
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<p class="MsoNormal"><b><span style="color:black">From: </span></b><span style="color:black"><wsbarp-bounces@lists.wsbarppt.com> on behalf of John McCrady <j.mccrady@pstitle.com><br>
<b>Reply-To: </b>WSBA Real Property Listserv <wsbarp@lists.wsbarppt.com><br>
<b>Date: </b>Tuesday, August 31, 2021 at 4:42 PM<br>
<b>To: </b>WSBA Real Property Listserv <wsbarp@lists.wsbarppt.com><br>
<b>Subject: </b>Re: [WSBARP] REET Exemption for Parents to Son<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:11.0pt"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D">See attached Supplemental Excise Tax Affidavit; it references your transaction.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D">John McCrady<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D">Counsel<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D">Puget Sound Title Company<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D">5350 Orchard Street West<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D">University Place WA 98467<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D">253-476-5721<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D"><a href="mailto:j.mccrady@pstitle.com">j.mccrady@pstitle.com</a><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D"><img border="0" width="420" height="129" style="width:4.375in;height:1.3437in" id="_x0000_i1026" src="cid:image001.jpg@01D79E88.4573D940" alt="Picture4"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:13.0pt;font-family:"Bodoni MT",serif;color:#1F497D">Beginning July 26, 2021, recording fees for most documents recorded in Washington
</span></b><span style="font-size:11.0pt;color:#1F497D"><a href="https://www.piercecountywa.gov/DocumentCenter/View/105275/Recording-Fee-Schedule-Effective-Jul-25-2021-"><b><span style="font-size:13.0pt;font-family:"Bodoni MT",serif">will increase by $100</span></b></a></span><b><span style="font-size:13.0pt;font-family:"Bodoni MT",serif;color:#1F497D">.
Please be sure to collect recording fees accordingly. Due to the above increase, our Reconveyance fees will also be increased by $100.00</span></b><b><span style="font-size:11.0pt;color:#1F497D"><o:p></o:p></span></b></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal" style="margin-top:6.0pt"><b><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#1F497D">WARNING-FRAUDULENT FUNDING INSTRUCTIONS
</span></b><b><span style="font-size:4.0pt;font-family:"Arial",sans-serif;color:#1F497D"><o:p></o:p></span></b></p>
<p class="MsoNormal" style="margin-top:6.0pt"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#1F497D">Email hacking and fraud are on the rise to fraudulently misdirect funds. Please call your escrow officer immediately using contact information
found from an independent source, such as the sales contract or internet, to verify any funding instructions received. We are not responsible for any wire sent by you to an incorrect bank account.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:11.0pt;color:#1F497D"><o:p> </o:p></span></p>
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<p class="MsoNormal"><b><span style="font-size:11.0pt">From:</span></b><span style="font-size:11.0pt"> wsbarp-bounces@lists.wsbarppt.com [mailto:wsbarp-bounces@lists.wsbarppt.com]
<b>On Behalf Of </b>Nicholas Pleasants<br>
<b>Sent:</b> Tuesday, August 31, 2021 4:02 PM<br>
<b>To:</b> WSBA Real Property Listserv <wsbarp@lists.wsbarppt.com><br>
<b>Subject:</b> [WSBARP] REET Exemption for Parents to Son<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">Hi All,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt">Looking for a suggestion on how to structure a potential transaction. Parents want to transfer home to Son. The home equitably belongs to Son – he has paid the mortgage (and probably also the downpayment)
since it was acquired from a third party years ago. At the time home was purchased by Parents, Son was going through a divorce, and to avoid muddying up the title with soon-to-be-ex-wife’s potential interest, Son asked Parents to purchase the home and take
out mortgage for him (I know, a bit weird). I think the mortgage does not need to be refinanced because of Garn St. Germain. So my main concern is how to structure the transaction to be exempt from excise tax. Can parents quitclaim to son? What WAC would
apply? Thanks for any input or steerage in the right direction.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt">Best, <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt">Nick<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:11.0pt;color:#2B6AA4">Nicholas Pleasants<o:p></o:p></span></b></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#2B6AA4">Owner<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#2B6AA4"><o:p> </o:p></span></p>
<p class="MsoNormal"><a href="https://f.xdref.com/?id=17VMf6aF037449&from=wsbarp-bounces@lists.wsbarppt.com&to=j.mccrady@pstitle.com&url=http://www.pleasantslaw.com/"><span style="color:windowtext;text-decoration:none"><b><span style="font-size:11.0pt;color:#2B6AA4"><img border="0" width="144" height="44" style="width:1.5in;height:.4583in" id="Picture_x0020_1" src="cid:image002.png@01D79E88.4573D940" alt="(Logo) Pleasants Law Firm"></span></b></span></a><b><span style="font-size:11.0pt;color:#2B6AA4"><o:p></o:p></span></b></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:black"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:black">Pleasants Law Firm, P.S.<br>
2300 130th Ave NE, Suite A-101<br>
Bellevue, WA 98005-1755<br>
(425) 615-7070 tel/fax<br>
</span><span style="font-size:11.0pt;color:#2E75B6"><a href="mailto:nick@pleasantslaw.com"><span style="color:#2E75B6">nick@pleasantslaw.com</span></a><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;color:#2E75B6"><a href="https://f.xdref.com/?id=17VMf6aF037449&from=wsbarp-bounces@lists.wsbarppt.com&to=j.mccrady@pstitle.com&url=http://www.pleasantslaw.com"><span style="color:#2E75B6">www.pleasantslaw.com</span></a>
<o:p></o:p></span></p>
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