At the closing of a Washington real estate transaction, the escrow officer informs the seller that REET must be paid before the deed can be recorded. The seller argues that recording should proceed first and REET can be paid afterward. Which statement correctly describes Washington's REET collection procedure?
Correct Answer
A) REET must be paid to the county treasurer before the deed is submitted for recording
Under RCW 82.45, Washington's REET must be paid to the county treasurer prior to recording the deed. The county will not accept a deed for recording until the REET has been collected and the appropriate affidavit (Real Estate Excise Tax Affidavit) has been completed and stamped. This is a mandatory prerequisite to recording, not a post-closing obligation.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Many states have laws to limit how much property taxes can increase each year, regardless of market value fluctuations.
Various programs and exemptions exist to reduce the property tax burden for specific groups, such as seniors, homesteaders, or veterans.
A transfer tax is a tax imposed on the transfer of ownership of real estate.
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