Washington Administrative Code

(1) Introduction. Generally, a gift of real property is not a sale, and is not subject to the real estate excise tax. A gift of real property is a transfer for which there is no consideration given in return for granting an interest in the property. If consideration is given in r…

(1) Introduction. Transfers of real property through a devise by will or inheritance are not subject to the real estate excise tax. For the purpose of this exemption, it does not matter whether the real property transferred was encumbered by underlying debt at the time it was inh…

(1) Community property. Transfers from one spouse or domestic partner to the other that establish or separate community property are not subject to the real estate excise tax.(2) Court decree. The real estate excise tax does not apply to any transfer, conveyance, or assignment of…

(1) Introduction. The real estate excise tax does not apply to the transfer of real property that results in the creation of a tenancy in common or joint tenancy with or without right of survivorship if no consideration passes otherwise. See WAC 458-61A-201, Gifts.(2) Partition. …

(1) Introduction. Transfers of real property from a governmental entity are not subject to the real estate excise tax. Transfers of real property to a governmental entity are subject to real estate excise tax unless specifically exempted under this chapter. A completed real estat…

(1) Introduction. Transfers of real property to a governmental entity under an imminent threat of the exercise of eminent domain, a court judgment or settlement with a governmental entity based upon a claim of inverse condemnation, or as a result of the actual exercise of eminent…

(1) Introduction. The real estate excise tax does not apply to the transfer of real property by a trustee in bankruptcy or debtor in possession made after the plan is confirmed under a chapter 11 or chapter 12 plan. Federal law preempts real estate excise tax on these transfers.(…

(1) Introduction. The real estate excise tax does not apply to any transfer or conveyance made pursuant to:(a) A deed of trust in a foreclosure proceeding;(b) An order of sale by a court in any mortgage, deed of trust, or lien foreclosure proceeding;(c) An execution of a judgment…

(1) Introduction. The reconveyance of property due to a rescission of sale is not subject to the real estate excise tax.(2) Consideration must be repaid to buyer. To qualify for exemption under this rule, all consideration paid toward the selling price must be returned by the sel…

(1) Introduction. The distribution of real property to the beneficiaries of an irrevocable trust is not subject to the real estate excise tax if no valuable consideration is given for the transfer and the distribution is made according to the trust instrument.(2) Transfer into tr…

(1) Introduction. A transfer of real property is exempt from the real estate excise tax if it consists of a mere change in identity or form of ownership of an entity. This exemption is not limited to transfers involving corporations and partnerships, and includes transfers of tru…

(1) Introduction. A transfer that, for federal income tax purposes, does not involve the recognition of gain or loss for entity formation, liquidation or dissolution, and reorganization, is not subject to the real estate excise tax.(2) Internal Revenue Code sections. This exempti…

(1) Introduction. This rule describes the application of the real estate excise tax in transfers involving an exchange facilitator. An "exchange facilitator" is a person who acts as an agent on behalf of another person in connection with an exchange of real property under section…

(1) Introduction. This rule describes the application of the real estate excise tax in transfers involving a nominee. A "nominee" is a person who acts as an agent on behalf of another person in the purchase of real property.(a) This rule includes examples that identify a set of f…

(1) Introduction. The real estate excise tax does not apply to quitclaim deeds given for the sole purpose of clearing title if no consideration passes otherwise. This rule does not apply to deeds executed for the purpose of adding persons to title, except in cases of persons adde…

(1) Introduction. The transfer of real property from a mortgage lender to the Veterans Administration or Federal Housing Authority is an exempt transaction.(2) The transfer of real property from a mortgage lender to another private insurer or guarantor in settlement of an insuran…

(1) Introduction. The rerecording of documents to correct a legal description, change contract terms, or correct the spelling of the name of a party to the transaction, is not subject to the real estate excise tax.(2) Documentation required. An affidavit is required for the rerec…

(1) Introduction. Transfers of qualified low-income housing developments are not subject to the real estate excise tax. Transfers of controlling interests in qualified low-income housing developments are also not subject to the real estate excise tax. The real estate excise tax d…

(1) Introduction. A transfer of real property by a legal representative of a person with a developmental disability to a qualified entity as defined in RCW 82.45.010 (3)(t)(iii) is not subject to the real estate excise tax if certain conditions are met and no consideration passes…

Introduction. Real estate excise tax is levied by the state under chapter 82.45 RCW and by counties under chapter 82.46 RCW. The general provisions for the administration of the state's excise taxes contained in chapter 82.32 RCW apply to the real estate excise tax, except as pro…

(1) Tax imposed.(a) The taxes imposed are due at the time the sale occurs and are collected by the county when the documents of sale are presented for recording or, in the case of a transfer of a controlling interest (see WAC 458-61A-101), by the department.(b) The tax is imposed…

(1) Introduction. This rule explains how the counties, the department of revenue, and the state treasurer process the taxes and administrative fees received under this chapter.(2) County treasurer. The county treasurer distributes the proceeds of the real estate excise tax along …

(1) Introduction. This section explains when a real estate excise tax affidavit is required for the transfer of real property. See WAC 458-61A-101 for procedures pertaining to transfers and acquisitions of a controlling interest in an entity owning real property in the state of W…

(1) The department will provide the county with a uniform multiuse supplemental statement form for use in meeting the requirements of the following sections of this chapter:(a) WAC 458-61A-306, Date of sale, interest, and penalties;(b) WAC 458-61A-201, Gifts; and(c) WAC 458-61A-2…

(1) Introduction. When a single-family residential property is transferred as either partial or entire consideration for the purchase of another single-family residential property, a credit for the amount of the real estate excise tax paid at the time of the first transfer is all…

(1) Introduction. This rule explains how to determine the date of sale and explains the application of interest and penalties when the tax is not paid within one month of the date of sale. See WAC 458-61A-101 for procedures pertaining to transfers and acquisitions of a controllin…

(1) Introduction. The department of revenue (department) conducts adjudicative proceedings pursuant to chapter 34.05 Revised Code of Washington (RCW), the Administrative Procedure Act (APA). The department will use a brief adjudicative proceeding as provided in RCW 34.05.482 thro…

(1) Introduction.(a) A holder of unclaimed property must report and deliver that unclaimed property to the department of revenue as provided in chapter 63.30 RCW, the Revised Uniform Unclaimed Property Act.(b) The department, as the administrator of unclaimed property under the a…

(1) In accordance with RCW 21.20.340(15), the fees specified in RCW 21.20.340 (6) and (7) are adjusted upward by ten dollars effective January 1, 2019, in order to defray the costs of administering the Securities Act of Washington, chapter 21.20 RCW. Accordingly, the following fe…

Those registration statements received prior to the effective date of these rules and regulations, concerning the form and content of that statement, will be governed by the rules and regulations in existence at the time of the filing of the registration statement with the securi…

The terms used in these rules shall have the meanings set forth in the statutes pursuant to which these rules are adopted, if defined therein, or the meanings expressed in the definitions contained in these rules.Note:Additional definitions may be found in the North American Secu…

Means the administrator of the Washington Securities Act appointed pursuant to RCW 21.20.460.[Order 304, § 460-10A-010, filed 2/28/75, effective 4/1/75. Formerly chapter 460-10 WAC.]

Means the securities division of the department of financial institutions.[Statutory Authority: RCW 21.20.070 and 21.20.450. WSR 95-16-026, § 460-10A-015, filed 7/21/95, effective 8/21/95. Statutory Authority: RCW 21.20.450. WSR 80-04-037 (Order SDO-37-80), § 460-10A-015, filed 3…

Means certificate of incorporation, articles of incorporation, agreement of consolidation or merger, and bylaws of a corporation; declaration of trust; agreement of partnership, certificate of limited partnership, or any other document or instrument adopted to establish or regula…

Means the Washington Securities Act. Chapter 21.20 RCW et seq.[Order 304, § 460-10A-025, filed 2/28/75, effective 4/1/75.]

Means default or arrears in payment of dividends, interest, sinking fund payment, or principal, on the date due.[Order 304, § 460-10A-030, filed 2/28/75, effective 4/1/75.]

Additional amounts of capital which may be mandatorily required of or paid at the option of a participant beyond his subscription commitment.[Order 304, § 460-10A-070, filed 2/28/75, effective 4/1/75.]

The excess of total assets over total liabilities as determined by generally accepted accounting principles.[Statutory Authority: RCW 21.20.450. WSR 96-11-026, § 460-10A-110, filed 5/6/96, effective 6/6/96; Order 304, § 460-10A-110, filed 2/28/75, effective 4/1/75.]

For the purpose of WAC 460-44A-100, "Nationally recognized securities manual or its electronic equivalent" shall mean: Fitch Investors Service, Mergent's Investor Service, and OTC Markets Group Inc. (with respect to securities included in the OTCQX and OTCQB markets).[Statutory A…

The term "officer" means a president, vice president in charge of a business unit or division, treasurer, secretary, chief executive officer, chief operating officer, chief financial officer, person who performs a principal policy making function for a principal business unit or …

The term "director" means any director of a corporation or any person occupying a similar status and performing a similar function with respect to any organization, whether incorporated or unincorporated.[Order SD-131-77, § 460-10A-175, filed 11/23/77.]

(1) A viatical or life settlement agreement constitutes a security if the agreement falls within the definition of "security" under RCW 21.20.005 as an investment contract; an investment of money or other consideration in the risk capital of a venture with the expectation of some…

The rules set forth in this chapter accommodate offerings in compliance with the multijurisdictional disclosure system as set forth in United States Securities and Exchange Commission Release No. 33-6902 (1991). For the purposes of this chapter, a "multijurisdictional offering" m…

The period of time under RCW 21.20.190(2) a registration statement must be on file before it becomes automatically effective shall be reduced from ten full business days to three days for a multijurisdictional offering.[Statutory Authority: RCW 21.20.450, [21.20].240. WSR 07-02-0…

A multijurisdictional offering registration statement may include, to the extent allowed by the Securities and Exchange Commission, financial statements and financial information that have been prepared in accordance with Canadian generally accepted accounting principles consiste…

An issuer or underwriter conducting a multijurisdictional offering to existing security holders of the issuer pursuant to the exemption of RCW 21.20.320 (11)(b) may give notice to the director by filing the registration statement Form F-7 with a cover letter claiming that exempti…

After a multijurisdictional offering has been declared effective by the SEC, a nonissuer transaction in any class of the issuer's securities is exempt from registration, whether or not the transaction is effected through a broker-dealer.[Statutory Authority: RCW 21.20.450, [21.20…