Vote Smart's Synopsis:

Vote to pass a bill that establishes fees for the recording of real estate transactions and requires those fees to assist affordable housing initiatives.

Highlights:

• Requires a homeowner to pay a $75 fee for every “real estate instrument, paper, or notice” recorded, as required by law, commencing January 1, 2014 (Sec. 3).

• Defines “real estate instrument, paper, or notice” as a document relating to real property, including, but not limited to, the following (Sec. 3):
• A deed;
• An abstract of judgment; or
• A notice of trustee sale.

• Exempts the homeowner’s fee of $75 for any real estate instrument, paper, or notice recorded in connection with a transfer that is subject to the imposition of a documentary transfer tax (Sec. 3).

• Establishes the California Homes and Jobs Trust Fund in the State Treasury to support with the following purposes (Sec. 4):
• The development, acquisition, rehabilitation, and preservation of housing affordable to low and moderate income households including emergency shelters, transitional and permanent rental housing and operating subsidies;
• The administration of certain house programs; or
• The cost of periodic audits.

• Requires the real estate fees, after deduction of administrative costs incurred by the county recorder, to be sent quarterly to the Department of Housing and Community Development for deposit in the California Homes and Jobs Trust Fund (Sec. 3).

Full Bill Text