As of January 1, 2018, a required $75 assessment fee will be paid at the time of recording in addition to standard recording fees. The new law imposes a fee of $75 to be paid at the time of the recording of every real estate instrument, paper, or notice required or permitted by law to be recorded, per each single transaction per single parcel of real property; not to exceed $225. This new legislation passed in September establishes permanent, ongoing sources of funding dedicated to affordable housing development. The new law requires that the county recorder sends revenues from this fee quarterly, after the deduction of any actual and necessary administrative costs incurred by the county recorder, to the Controller for deposit in the newly formed “Building Homes and Jobs Fund.” This would make legislative findings and declarations relating to the need to establish permanent, on going, source of funding dedicated to affordable housing development.
The fee will NOT be imposed on any real estate instrument, paper or notice recorded in connection with a transfer subject to documentary transfer tax or in connection with a transfer of real property intended to be occupied by the owner. A transfer NOT subject to transfer tax wherein the transferee/ buyer will occupy the property as their residence is also not subject to the $75 assessment.
The Assessment will apply to the Recording of Documents Regarding Real Property, such as, but not limited to:
- Trustee’s Deed
- Grant Deed
- Deed of Trust
- Quit Claim Deed Fictitious Deed of Trust
- Assignment of Deed of Trust
- Request for Notice Of Default
- Subordination Agreement
- Release or Discharge
- Mechanic’s Lien
- Notice of Default
- Notice of Completion