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What is a Warranty Deed for Real Estate?

A warranty deed is a legal document that is used to transfer ownership of real estate from one person to another. It is considered one of the most secure forms of real estate conveyance because it offers specific guarantees to the new owner, known as "warranties." Understanding what a warranty deed is and how it works can be important for anyone buying or selling real estate.

A warranty deed is a written document that contains specific promises or guarantees made by the seller (the grantor) to the buyer (the grantee). The key feature of a warranty deed is that it guarantees the buyer that the property being sold is free and clear of any encumbrances, such as mortgages, liens, or other debts. This means that if any issues arise with the property's title, the seller is liable to the buyer for any damages.

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What Are the Capital Gains Tax on Real Estate in Washington State?

Capital gains tax is a tax on the profit that is made when a property is sold for more than it was purchased for. When it comes to real estate, capital gains tax can be a significant consideration for individuals who are looking to sell a property in Washington state. In this blog post, we will explore the capital gains tax laws in Washington state, as well as ways to minimize or avoid paying capital gains tax on a real estate sale.

In Washington state, capital gains tax on real estate is calculated by subtracting the cost basis of the property (usually the purchase price plus any improvements made to the property) from the sale price. The result is then multiplied by the individual's marginal tax rate, which can be found on the federal income tax tables. This means that if you make a profit when you sell a property, that profit will be subject to capital gains tax.

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