- June 08, 2016
- All Washington Issuing Offices
- UNDERWRITING - Lack of Probate Affidavit for Real Estate Excise Tax, (“REET”) exemption
A recent Bulletin discussed 2016 HB 2539, which clarified the documentation necessary to claim excise tax exemption for transfers by operation of law where the property passed from a decedent to heir(s) without probate. That documentation is in the form of a Lack of Probate Affidavit, the contents of which were enumerated in the statute. The Washington Department of Revenue has promulgated a form of the Lack of Probate Affidavit, which is now available on the DOR website:
Please note that HB 2539 provides that the documentation provided to the Treasurer to claim the exemption must also be recorded with the Auditor. The Lack of Probate Affidavit promulgated by the DOR is not in recordable form and may incur additional fees for recording a non-conforming document. As an alternative to higher recording fees, the attached Lack of Probate Affidavit is in recordable form. Check with your county as to the preferred manner of complying with the statute.
HB 2539 is effective June 9, 2016.
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THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.