Edgewood, WA Real Estate Blog

As a real estate agent I’m rarely involved with real estate gifts. But to help one of my clients, I did a little research on the matter. In Washington State you can gift real estate without incurring excise (or transfer) tax. The subject is covered in WACs > Title 458 > Chapter 458-61A > Section 458-61A-201.

Note that with gifts, the auditor will require a supplemental statement to accompany the real estate excise tax affidavit. And naturally, you’ll have to have a real estate excise tax affidavit to record the deed transferring the property – Washington State Law requires that a Real Estate Excise Tax Affidavit be completed and signed prior to a deed being recorded to transfer ownership of real property. Both the real estate tax affidavit and the supplemental statement can be found on line. (Some counties use different forms so be sure to check you have the correct form for your county.)

Once you fill out the forms and transfer deed, you can have it recorded by taking them to the county auditor. The normal recording fees will apply.

Topics: Real Estate Taxes | No Comments »