The new legislation is effective January 1, 2018.
The following transactions are valid exemptions from the SB 2 fee:
a. Any sale transaction subject to documentary transfer tax.
b. A sale of residential property to be owner-occupied.
c. Any recording not related to real property.
There is a cap of $225 per transaction per parcel.
Refinance transactions are subject to the new tax.
All documents that are exempt from the tax must be labeled as such.
Law begins January First 2018
Valid exemptions from the tax fee are:
Any sale already paying the documentary transfer tax
A sale of residential owner occupied home
A recording of property that is not real estate
Refinance transactions are subject to the new tax.
All documents that are exempt from the tax must be labeled as such.
“A fee of $75 dollars shall be paid at the time of recording on every real estate instrument,
paper, or notice required or permitted by; law to be recorded, except those expressly
exempted from payment or recording fees, per each single transaction per parcel or real
property.”
In 2017, the California Legislature passed Senate Bill 2, The Affordable Housing and Jobs Act
which adds a new tax on certain recorded real estate documents. The Act states:
You can count on WRT to keep you up to date
on the latest changes affecting your transactions.
who voted for this tax?
not me
Our government is not good at issuing bonds that help the poor.
Let me know if you benefit from the Atkins Bill
SB 2, Atkins Bill known as the Building Homes and Jobs Act
the bill is "supposed" to go to: emergency housing, multifamily housing, farm worker housing, home ownership for very low and low-income households, and down payment assistance for first-time home buyers. Existing law also authorizes the issuance of bonds in specified amounts pursuant to the State General Obligation Bond Law. Existing law requires that proceeds from the sale of these bonds be used to finance various existing housing programs, capital outlay related to in-fill development, brownfield cleanup that promotes infill development, and housing-related parks.
