Transfer-fees bill stalls in Senate
A California Senate committee recently withdrew from its agenda a bill that would keep private transfer fees -- which pass along to subsequent buyers of a home some of the costs the builders incurred to get the project approved -- but with certain requirements.
Under AB 1574, transfer fees would be capped at 2% of the purchase price and would be imposed every time a home is sold for up to 99 years; must provide a public benefit within the region; and must be disclosed on a separate document for greater transparency to prospective buyers.
Assembly Bill 1574, sponsored by state Assemblyman Guy Houston (R-San Ramon) and supported by builders, was delayed by the Senate Judiciary Committee because of lack of support by members.
-- Diane Wedner
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