A new state law passed that requires transfer tax information be disclosed on every real property sale. This will provide more transparency on sale prices in real estate transactions.
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Documentary Transfer Tax |
Assembly Bill No. 1888 |
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What is the Documentary Transfer Tax Act? The Documentary Transfer Tax Act sanctions the board of supervisors of a county, or city and county, to enforce a tax with respect to specified instruments that transfer specified interests in real property. The act requires the amount of tax due and the location of the property to show on the face of the document, and if the person submitting the document for recordation requests, that the amount of tax due be shown on a separate paper attached to the document. The act outlaws the recorder from recording any deed, instrument, or writing subject to the tax, unless paid at the time of recording, and requires a signed statement of the amount of tax due on the face of the document or on the separate paper as provided by the act. |
What is AB 1888? Assembly Bill No. 1888– Transfer Tax Disclosure amends the Documentary Transfer Tax Act requirements (refer to Sections 11932 and 11933 of the Revenue and Taxation Code). This bill will delete the requirement that, upon request, the amount of tax due be shown on a separate paper attached to the document, and will make an identical change to the signed declaration requirement. Starting January 1st, 2015, documentary transfer tax amounts will no longer be private information. |
For more info visit: http://leginfo.legislature.ca.gov/faces … html