§12.28 - Transfers Subject to Nonrecourse Debt and Recourse Debt
| Jurisdiction | Washington |
§12.28 TRANSFERS SUBJECT TO NONRECOURSE DEBT AND RECOURSE DEBT
A transfer of real property subject to nonrecourse debt is exempt from the real estate excise tax when no other consideration is given for the transfer. WAC 458-61A-103(2). Nonrecourse debt is debt for which the grantor is not personally liable. Because the grantor is not personally liable for the debt, the transferee's payments on the underlying debt after the transfer do not relieve the grantor of any liability for the debt. WAC...
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