URGENT ACTION REQUIRED on SB 2 ~ A Bill in Sacramento that will increase recording fees

Please contact these Assembly members even if you don’t live in the district and respectfully urge them to vote NO on SB 2:

AD 69 Assm. Tom Daly (South Orange County) 916-319-2069
AD 44 Assm. Jacqui Irwin (Thousand Oaks): 916-319-2044
AD 77 Assm. Brian Maienschein: (San Diego County): 916-319-2077
AD 66 Assm. Al Muratsuchi (LA County): 916-319-2066
AD 35 Assm. Sharon Quirk-Silva (Orange County- Fullerton): 916-319-2065

Background: 

SB 2 (Atkins) (currently on the Assembly Floor) AND COULD BE VOTED UPON AS SOON AS THIS WEEK requires recorders to collect a $75 fee on every real estate instrument, due and payable at the time of recording starting January 1, 2018. The measure caps the fee at $225 per transaction with the proceeds going to a fund to provide affordable housing.

This is a TAX on all transactions that make real estate transactions more expensive.

This tax would be collected upon the recording of (and this list is not all encompassing) Deeds of trust (and all assignments), Reconveyance and quit claim deeds, Request for notice and notice of default (which then would be passed along to the defaulting homeowner)Liens or releases of such liens and Covenants, conditions, and restrictions.

The California Association of Realtors opposed the bill until it exempted out sales transactions, now they are in support of the bill.

However, the only exemption was for the Grant Deed and they did not consider the other documents pursuant to the transaction such as deeds of trust, etc. Because of the ambiguity of the bill, it makes the documentation that is crucial to resale transaction very difficult to prepare (the Loan Disclosure, Closing Disclosure, etc.). This will cause confusion to the buyers and sellers and will effectively delay transactions.

SB 2 is a regressive tax on the middle class and forces consumers to pay higher recording fees/taxes even when they can often not afford it. Under the bill California homeowners and seniors will have to pay significantly higher fees/taxes on a wide array of recording transactions which can have major, unintended repercussions:

For example:

A spouse looking to record legal documents after the loss of a spouse would face an almost 700% increase in fees from $36 to $261.

A low-income homeowner refinancing their mortgage would find that the recording fees have more than tripled from $102 to $327.

A struggling homeowner modifying their home loan to avoid foreclosure would face a staggering increase in costs from $43 to $268.

The bill’s so-called “home sale exemption” is poorly written and will result in inaccurate recording fee estimates provided to lenders for the TRID form calculations, resulting in delays and recalculations.

HOW YOU CAN HELP:

Please contact these Assembly members even if you don’t live in the district and respectfully urge them to vote NO on SB 2:

AD 69 Assm. Tom Daly (South Orange County) 916-319-2069
AD 44 Assm. Jacqui Irwin (Thousand Oaks): 916-319-2044
AD 77 Assm. Brian Maienschein: (San Diego County): 916-319-2077
AD 66 Assm. Al Muratsuchi (LA County): 916-319-2066
AD 35 Assm. Sharon Quirk-Silva (Orange County- Fullerton): 916-319-2065

These are people who are important swing votes and they need to hear from the real estate community of the opposition to SB 2.

Any help you could be in contacting them would be most appreciated.

 

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