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AGO Opinions with Topic: CONTRACTS OF SALE
AGO 1955 No. 141 >  September 29, 1955
REAL ESTATE SALES TAX - EXCLUSIONS FROM SALES - MORTGAGES - CONTRACTS OF SALE - ASSUMPTION OF BALANCE - MEASURE OF TAX WHEN CONSIDERATION PASSES
REAL ESTATE SALES TAX -- EXCLUSIONS FROM SALES -- MORTGAGES -- CONTRACTS OF SALE -- ASSUMPTION OF BALANCE -- MEASURE OF TAX WHEN CONSIDERATION PASSES 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.
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