Other LanguagesThose national banks, federal savings and loan associations and federal credit unions which do business within the state of Washington are required to file annual reports of their financial affairs with the Secretary of State in accordance with the provisions of §§ 1-9, chapter 301, Laws of 1977, 1st Ex. Sess.
An individual school district cannot finance the acquisition of real property for school district purposes by borrowing funds from an institutional lender and securing payment of the obligation with a mortgage on the property acquired with the loan proceeds.
1. For the purposes of Laws of 2008, ch. 278, § 1(3), a person who offers to purchase a distressed home, and no more, does not thereby become a “distressed home consultant.” 2. For the purposes of Laws of 2008, ch. 278, §§ 2, 3, a real estate licensee would likely become a “distressed home consultant” if the real estate licensee contacts the distressed homeowner’s lender to arrange a “short sale” in which the homeowner’s debt to the lender will be discharged for the amount of the sale price of the home when the sale price is less than the homeowner owes on the loan. 3. For the purposes of Laws of 2008, ch. 278, §§ 2, 3, a real estate licensee becomes a “distressed home consultant” by performing licensed activities in connection with a real estate transaction when the property involved is a “distressed home,” if the licensee (1) solicits the owner; (2) offers to perform a service on the owner’s behalf; and (3) represents that the service will satisfy one or more of the conditions listed in Laws of 2008, ch. 278, § 1(3)(a).
Payments to a mortgage broker in connection with a mortgage or deed of trust denominated as “loan origination fees” or “points” are not deductible from the business and occupation tax as “interest” where the fees are provided in compensation for services performed. Availability of the deduction in particular instances depends upon the factual circumstances surrounding the transaction, including the services performed by the mortgage broker.
The lien for personal property taxes against the property actually assessed for the tax is superior to a pre‑existing [[preexisting]] chattel mortgage on the same property and the property may be followed and the taxes collected after foreclosure of the mortgage.
A licensee under the small loan act is under a mandatory duty to release security only when the security is in fact legally discharged.
Chapter 132, Laws of 1955 excludes from the definition of
the term “sale” under RCW 28.45.010 a transaction in which a grantee
assumes the balance owing on an obligation which is secured by a
mortgage and no other consideration passes between the grantee and the
grantor.
Chapter 132, Laws of 1955, amending RCW 28.45.010, excludes from the term "sale" those transactions where the "deed in lieu of foreclosure of a mortgage" and the assumption by the grantee of the balance owing on an obligation which is secured by a mortgage is to a third person rather than the original parties. When consideration has been passed, the tax applies to the selling price which includes the other consideration and the balance owing on the obligation secured by a mortgage on the balance owing on the contract of sale.
Recording of satisfaction of a mortgage by the state of Washington does not require payment of county filing fee.
The real estate sales tax is measured by the full amount of the contract price for land without deduction for the mortgage debt, even though the buyer is already personally liable on such debt.