The Law Requires:
- A list, including legal or other sufficient descriptions as prescribed by the commission, of all real property in the state of Washington, the assessed valuation of which exceeds *ten thousand dollars in which any direct financial interest was acquired during the preceding calendar year, and a statement of the amount and nature of the financial interest and of the consideration given in exchange for that interest,
- A list, including legal or other sufficient descriptions as prescribed by the commission, of all real property in the state of Washington, the assessed valuation of which exceeds *ten thousand dollars in which any direct financial interest was divested during the preceding calendar year, and a statement of the amount and nature of the consideration received in exchange for that interest, and the name and address of the person furnishing the consideration, and
- A list, including legal or other sufficient descriptions as prescribed by the commission, of all real property in the state of Washington, the assessed valuation of which exceeds *ten thousand dollars in which a direct financial interest was held. If a description of the property has been included in a report previously filed, the property may be listed, for purposes of this subsection (1)(j), by reference to the previously filed report.
RCW 42.17A.710(1)(h) - (j).
It will be helpful to ask yourself these three questions:
- What property did I or a family member sell or otherwise divest any financial interest in (give away, lose through legal judgment, etc.) during the reporting period?
- What property did I or a family member buy or otherwise acquire any financial interest in (inherit, be given, acquire through a lease/purchase agreement, etc.) during the reporting period?
- What other property did I or a family member own, fully or partially, any financial interest in during the entire reporting period?
Only disclose property located in Washington State that had, during the reporting period, an assessed value of over $12,000. Typically reported real estate includes homes, farms, vacation cabins, inherited property, leased property, rental property, unimproved land, and mineral rights.
When listing property, use one of the following, along with the name of the county in which the property is located:
- Street address - do not use rural route or box numbers;
- Assessor's parcel number;
- Abbreviated legal description shown on property tax notices; or
- Complete legal description.
Property Sold or Interest Divested
You are divested of a financial interest in property if you no longer may claim full or partial legal ownership. Generally, this happens through sales, expiration of leases, condemnation or foreclosure.
If you or a family member sold or otherwise divested your interest in real property, give:
- its location,
- its assessed value during the reporting period (use Dollar Code shown on the form),
- the name and address of the new owner, and
- the kind of payment or consideration received as well as the amount of payment or consideration received (use Dollar Code).
"Payment or consideration" means such things as cash, cash plus mortgage, real estate contracts, exchanges or trading of property, and promissory notes. The Dollar Code for each part of the payment should be shown: For example: Cash - "C"; Mortgage - "E".
Property Purchased or Interest Acquired
You acquire an interest in real property through cash transactions, mortgages, lease agreements, deeds of trust, options to buy or lease, real estate contracts and the like.
If you or a family member for whom you're reporting acquired even a small financial interest in a piece of property that is located in Washington and was assessed at over $12,000, you must disclose the following information:
- its location,
- its assessed value during the reporting period (use Dollar Code),
- the creditor's name and address,
- the payment terms (example: 25 years at 8% interest),
- the security given,
- the amount owed on the mortgage, lease or contract (use Dollar Code).
For property acquired during the reporting period, the "original mortgage amount" and the "current mortgage amount" may be the same. In this case, "current" refers to the amount owed on the last day of the reporting period, not the day you complete the report. NOTE: Since you're listing who extended you credit, the terms and the amount owed, you do not have to repeat this information in Part 4, Creditors.
Other Property Entirely or Partially Owned
In this portion of the Real Estate section you'll report property in which an interest was held throughout the reporting period. Again, you'll report for yourself and appropriate family members and you'll include all Washington State property valued at over $12,000, even if only a minor interest was held, except that which was bought or sold during the period (and reported as discussed above).
Report the same information as listed above in "Property Purchased or Interest Acquired." The notation about the Creditors section also applies here.
Once you've completed the Real Estate section, double check that you haven't forgotten to include, as sources of income in Part 1, businesses or government agencies that rented or leased property from you or your family.