What does REETA mean in REAL ESTATE
REETA is an acronym that stands for Real Estate Excise Tax Affidavit. It is a legal document that is required to be filed with the county clerk's office when a property is sold. The purpose of the REETA is to provide information about the sale, including the purchase price, the seller's name and address, and the buyer's name and address. This information is used to calculate the amount of excise tax that is due on the sale.
REETA meaning in Real Estate in Business
REETA mostly used in an acronym Real Estate in Category Business that means Real Estate Excise Tax Affidavit
Shorthand: REETA,
Full Form: Real Estate Excise Tax Affidavit
For more information of "Real Estate Excise Tax Affidavit", see the section below.
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What is the Purpose of a REETA?
The purpose of a REETA is to provide information about a real estate sale to the county clerk's office. This information is used to calculate the amount of excise tax that is due on the sale. The excise tax is a tax that is imposed on the sale of real estate. The amount of the tax is based on the purchase price of the property.
Who is Required to File a REETA?
The seller of a property is responsible for filing a REETA with the county clerk's office. The REETA must be filed within 30 days of the sale.
What Information is Included in a REETA?
The following information must be included in a REETA:
- The purchase price of the property
- The seller's name and address
- The buyer's name and address
- The date of the sale
- The county in which the property is located
- The type of property (e.g., residential, commercial, land)
How to File a REETA
REETAs can be filed online or by mail. To file a REETA online, visit the website of the county clerk's office. To file a REETA by mail, download the REETA form from the county clerk's website and mail it to the address provided on the form.
Essential Questions and Answers on Real Estate Excise Tax Affidavit in "BUSINESS»REALESTATE"
What is a REETA?
A Real Estate Excise Tax Affidavit (REETA) is a legal document that certifies the amount of excise tax due on a real estate transaction in the state of Washington. It is required to be filed with the county auditor's office within 30 days of the closing date.
Who is responsible for filing a REETA?
The seller of the property is responsible for filing the REETA. However, the buyer may also be held liable for any unpaid taxes if the seller fails to file the affidavit.
What information is required on a REETA?
The REETA must include the following information:
- The names and addresses of the buyer and seller
- The address of the property
- The sale price
- The amount of excise tax due
- The date of the closing
How do I calculate the excise tax due?
The excise tax rate in Washington is 1.28%. To calculate the tax due, multiply the sale price by 1.28%.
What are the penalties for failing to file a REETA?
The penalty for failing to file a REETA is 10% of the tax due, plus interest. The county auditor may also impose additional penalties.
Where can I get help with filing a REETA?
You can get help with filing a REETA from the county auditor's office. You can also find helpful information on the Washington State Department of Revenue website.
Final Words: REETAs are an important part of the process of selling real estate. By filing a REETA, sellers can help to ensure that the correct amount of excise tax is paid on the sale.