camera iphone 8 plus apk SB2 - California Senate Bill 2 Explained by Viva Escrow

Here is a very simple summarization of SB2:

Every document relating to real estate that is recorded will require an additional recording fee surcharge of $75.00, per document, per parcel of land. There are exemptions that you, as a consumer, can claim:

(1) If you are recording a Deed transferring ownership and you are paying a transfer tax on this deed then it is exempt, as well as any document in the same transaction that has to be recorded.

(2) If you have a Deed in which you ARE NOT paying a transfer tax on but you are transferring ownership to someone who is going to be occupying it as a principal residence, then this Deed and any documents in that same transaction will also be exempt.

However, if you have a transaction in which there is no such document that can qualify for this exemption, then the surcharge of $75 is charged for every document that has to be recorded, to a maximum of $225.00.

Simple and easy? Not really.

There are many nuances to the actual bill and California’s 58 independent County Recorder offices are interpreting this Bill with variations, creating questions and confusion.

So how will you know if you will get charged and how much extra you have to pay?

Education is the first step to being proactive. Read this article, read other articles, and if you have questions.

Ask!

During this time of uncertainty, contact your Escrow Officer/ Settlement Agent and run the scenario or the transaction by him/her for a more definitive answer. If they don’t know, they will have the resources to find out for you, especially if they are a member of the California Escrow Association.

Need Real Estate Escrow Help?

Visit our site: https://www.vivaescrow.com/

camera iphone 8 plus apk SB2 - California Senate Bill 2 Explained by Viva Escrow
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