Now in California, it is a law that we have to make our clients aware of Private Real Estate Transfer Fees.
What , never heard of them, either did I till last week, and I have been in residential for 28 years.
What are they?
A fee that is paid to the private party everytime the house is sold...Who would do that? Well it seems that some contractors use this as a way to pay their lost lawsuits.
Where do you find them: On the Preliminary Title Search and who pays them? The Seller of the property depending on the Transfer Fee.
Is your Seller aware of it, probably not but we now have to track them and disclose the private transfer fee to the Buyer and complete the new CAR form for 2008.
Guess what the Party of the Private Transfer fee has to 2009 to record the disclosure but the realtors liability starts as of now. Jan. 2008.
Your seller being a buyer at the time did not even most likely know about this fee when they bought the house because it was paid by the seller.
Well, I turned to my realtor friend who has been a top producer for many years and said, Gee, if you would have requested a private transfer fee, you could have retired right now from all the houses that you sold. Well, I guess thosee contractors sure are good at getting every dime out of their designs for eternity. Realtors-be aware .... Money, Money, Money, Money
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