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News & Press: Sacramento Report

CLTA Supports Limits on Transfer Fees

Tuesday, April 17, 2018  
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Assembly Bill 3014 (Cunningham), on a go forward basis, prohibits private transfer fees that do not provide a direct benefit to the encumbered property. The bill follows up on a Federal Housing Finance Agency rule in 2012 requiring such a direct benefit and federal legislation in 2016 requiring FHA to adopt the same rule. Last year California enacted legislation to strengthen disclosures of private transfer fees so buyers would be aware of the federal rule and the potential impact on financing a resale. The CLTA has long argued that private transfer fees impede the transferability of housing, create a burden on future sales and often are not fully understood by consumers.

California Land Title Association

1215 K Street #1816 Sacramento, CA 95814-3905
Email:  |  Phone: 916-444-2647  |   Fax: 916-444-2851