The Washington State Senate has passed revisions to excise tax that is paid when real estate is sold or transferred. Instead of having a flat rate, the new tax once signed into law by Governor Inslee, will be graduated. Some will enjoy a lower tax rate while others will pay a significantly higher tax rate. Real estate excise tax is typically a cost paid for by the seller. In San Juan County, the excise tax has been split by both the seller and buyer of real estate. Many would argue that excise tax (as with other cost of selling, such as real estate commission) is often passed onto the buyer as it is factored into the sales price. [Read more…]
Big Changes Coming to Real Estate Excise Tax for Washington State Homes
CFPB’s Qualified Mortgage Rule and the Ability to Repay
Today the CFPB released the “ability-to-repay” and “qualified mortgage” rule which is set to go into effect next year on January 10, 2014. These new laws will require that lenders consider a borrowers ability to repay a mortgage.
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