Transfer Law Hailed as a Money Saver
A property transfer law that took five years to pass was hailed by County Assessor Alexander H. Pope and Assemblywoman Gloria Molina (D-Los Angeles).
AB 3132, requires that the preliminary change of ownership report accompany the deed when filed with the recorder’s office. Assessors need the information contained in the reports for Proposition 13 reappraisals of almost 200,000 properties a year.
This requirement was opposed by real estate industry lobbyists who considered it unnecessary red tape. Legislators were finally convinced that the bill was cost-effective and advantageous.
The bill, passed last July 1, has demonstrated savings in time and money for new property owners and counties, according to the assessor’s office. Until the new legislation took effect, new property owners often ended up paying fees for filing the change of ownership statement late. Counties also benefited with revenues saved in postage alone, the office spokesman said.
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