In most cases, the buyer pays the Real Estate Excise Tax (REET) at closing in Washington. This is the primary transfer tax in the state. However, there are two exceptions:
- Controlling interest transfer: If selling a controlling interest in a business entity owning the land, the REET might be applied to the entire business value, and the seller might be responsible.
- Negotiation: The buyer and seller can agree in the contract who pays the REET, though this is less common.
It’s crucial to remember these are general guidelines. Consulting with a qualified real estate attorney or title company in Washington is crucial for a precise estimate and to ensure a smooth and secure land sale.