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<p>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.</p>
<p>Good luck. DO share with us what the Excise Folks say, if you choose to call!<br /><br /></p>
<p>-Shaun</p>
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<p id="reply-intro">On 2024-11-11 9:07 am, Craig Blackmon wrote:</p>
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<div>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.</div>
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<div>Please thank a veteran today! Maybe even hug 'em!</div>
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<div>Craig</div>
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<div style="font-size: 12.8px;">Craig Blackmon, <a href="https://www.mywsba.org/PersonifyEbusiness/LegalDirectory/LegalProfile.aspx?Usr_ID=000000029240" target="_blank" rel="noopener noreferrer">Attorney at Law</a></div>
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<div style="font-size: 12.8px;">On the blog: <a href="https://seattlepropertylawyer.com/blog/quitclaim-deed-explained" target="_blank" rel="noopener noreferrer">Changes to Title and the QCD</a></div>
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<div class="v1gmail_attr" dir="ltr">On Fri, Nov 8, 2024 at 2:51 PM Randy Boyer <<a href="mailto:randyedlynlaw@gmail.com" rel="noreferrer">randyedlynlaw@gmail.com</a>> wrote:</div>
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<div>Listmates
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<div>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. </div>
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<div>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.</div>
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<div>Randy<br />
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