Escrow & Title
Washington's Real Estate Excise Tax (REET) is collected by the:
ADOL at the time of license renewal
BCounty treasurer at the time the deed is recorded✓ Correct
CState Department of Revenue annually
DEscrow company from the buyer only
Explanation
REET is collected by the county treasurer at the time the deed is presented for recording. The REET Affidavit and payment must accompany the deed before the county auditor will accept it for recording.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EscrowA neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
State-Specific Concepts
License Law
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