Well CAR Sponsored SB670 was defeated by the Senate Transportation and Housing Committee.

Just keep your eyes open when you sign any purchase contracts regarding private transfer taxes. I would anticipate that they will not be in resale homes but it would not surprise me to see them start to pop up in new home sales in the future.

Fortunately AB 980 (another CAR sponsored bill) did pass. This bill requires that existing private transfer taxes are CLEARLY disclosed. Thus homebuyers will at least not be surprised by additional expense on the closing statement….

I absolutely agree with many of the shortcomings pointed out by people on this site of the realtor associations. However at least this is one battle that they fought that I do feel is in the best interests of the consumer.