Excise Affidavit For Free

The REET is a percentage of the sale price of the property, and the exact rate varies depending on the location of the property and the type of sale. For most residential properties, the REET is between 1.1% and 3% of the sale price. The rate is tiered so more expensive properties have a higher tax rate.

A Washington deed is used to transfer the ownership of property from a grantor, or ?seller,? to a grantee, or ?buyer,? in the State of Washington. This form is usually completed after a purchase and sale agreement has been authorized and a deed transfers the actual property.

The seller of the property typically pays the real estate excise tax, although the buyer is liable for the tax if it is not paid. Unpaid tax can become a lien on the transferred property.

For instance, the average $300,000 house would be charged a rate of 1.1%, with $3,300 due in tax. This fee is typically paid by sellers, but as with all things real estate, you can negotiate to split it with the buyer.

An option or contract to purchase real property is an interest in real property. Therefore, the transfer or acquisition of a controlling interest in an entity that holds an option or contract to purchase real property results in a conveyance of an interest in real property that is subject to tax.

Controlling Interest Transfer Return (Use Form No. 84-0001A for reporting transfers by deed or real estate contract to the county treasurer/recorder of the county in which the real property is located.)

Washington state levies a real estate excise tax (REET) on all property sales. This state tax rate is 1.28% of a property's full selling price.

The Federal Excise Tax on trucks was established in 1917 to create revenue for World War I. Since then, it has increased from the original 3% to a 12% tax. The FET is applicable to vehicles with a gross weight of 33,000 pounds along with trailers with a gross weight of 26,000 pounds.

Real estate excise tax (REET) is a tax on the sale of real property. All sales of real property in the state are subject to REET unless a specific exemption is claimed.REET also applies to transfers of controlling interest (50% or more) in entities that own real property in the state.

Currently, the King County combined state and county real estate excise tax on sales of real property equals 1.78% for all sales.