 | | | | |  Big Win for REALTORS® |
Senate Bill 1220 which imposed a transfer tax to generate funds for affordable housing has been amended. SB 1220 would have created a real estate transfer tax of $75 per document to fund an affordable housing trust fund. In virtually all transactions a minimum of three documents are recorded (the grant deed, the release and reconveyance and a trust deed). SB 1220 would have created a minimum $225 transfer tax and the amount may go higher depending on the number of documents recorded. C.A.R. reached an agreement with Senator DeSaulnier on its amendments removing C.A.R.’s opposition by making it clear that SB 1220 does not apply to transfer/sales of real property and will not impose a transfer tax in the form of a point of sale. This is a win for REALTORS® and their clients. It is issues like this that your contribution to the REALTORS® Action Fund goes to lobby on your behalf. If you would like more information on this bill or any other please contact the Pacific West Association of REALTORS®. We thank you for your membership and your involvement in our industry. View related Real Estate news | | | | | |
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