The Riverside County Board of Supervisors voted to add an additional recording fee of $10.00 to the first page of all Real Estate related documents. The total fee for the first page is $15.00 and $3.00 for each additional page. The $10.00 additional fee will be used to fight fraud in Real Estate. This additional fee went into effect on March 28th, 2013.
AB42 – SB36: Short Sale Debt Forgiveness. These are C.A.R sponsored bills in both the Assembly (AB42) and the Senate (SB36). The bills would bring the state tax code in line with Federal law for forgiveness of debt on a short sale. The phantom income forgiveness was signed into law by the President in January. C.A.R. has been trying to extend California law, which expired on December 31st, 2012. Both bills have been placed in “Suspense Files” by the Assembly and the Senate. This action puts many families in limbo.
AB905: Private Transfer Tax. C.A.R is opposing this bill because it creates a private transfer tax for environmental improvements on a property. This bill forces financial burden on future owners of a property with no oversight or cap on now much money can be collected. The bill was recently amended to exempt 1-4 unit properties. This bill will cause more loss of jobs as businesses will continue to flee the state to escape the burden of such onerous regulations.
AB1164: Wage Liens on Property. C.A.R. is opposing this bill that would create a new super-lien for wage claim disputes. The bill threatens the availability of mortgage finance, denies due process to the owner of the property, and puts unnecessary clouds on title. AB1164 seeks to expand the mechanic’s lien concept so that an employee may record a lien against any property owned by the employer, even property that has no connection with the wage dispute. The lien created would be a super-lien for the first $50,000 of the claim and would have to be paid before any other lien except tax liens.
AB1229: Rent Control. C.A.R. opposes this bill because it would greatly weaken previous rent control limitations won by C.A.R. AB1229 allows local governments in rent control jurisdictions to impose inclusionary zoning on newly constructed rental developments. This bill will discourage the creation of new rental housing. The main thing the bill does is expand the power of government over private property rights.
We will be in Sacramento this week to fight for all the new legislation supported by C.A.R. and to stand up for private property rights. C.A.R. is expecting over 2,000 Realtors to descend on the Capitol on May 1st, 2013.
“The reason why men enter into society is the preservation of their property.” ~ John Locke
Government Affairs Director
“Ask not what your country can do for you; ask what you can do for your country.”
~ President John F. Kennedy ~