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May 11, 2011

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SB 234 Residential Real Property Transfer Fee Covenants is Sent to the Governor

Residential Real Property Transfer Fee Covenants by Sen. Cheri Jahn (D-Wheatridge) and Rep. Tom Massey (R-Poncha Springs) passed 3rd Reading in the House this week. Senate Bill 234 bans the enforcement of non-exempted private transfer fee covenants recorded after the effective date of the bill and requires all non-exempted covenants in place prior to enactment be recorded.

CAR has been concerned about private transfer fees paid to a third party upon the transfer of real property. The fee is usually paid by the seller and can either be a fixed amount or a percentage of the sales price. In a typical situation, a property owner records a covenant subjecting the property to a private transfer fee (often, the first sale is exempted). For as long as the covenant is in place, which can be up to 99 years or longer, every time the property is sold the private transfer fee must be paid to the original owner and/or third party. And at least one out-of-state company that markets private transfer fees to property owners takes part of the private transfer fee payments that result from its marketing efforts. SB 234 is now headed to the Governor's desk to be signed into law.

HB 1313 Extend Clerk and Recorder Surcharge

HB 1313 Extend Clerk and Recorder Surcharge by Rep. Tom Massey (R-Poncha Springs) and Sen. Cheri Jahn (D-Wheatridge) passed out the House State, Veterans and Military Affairs Committee this week. CAR supports HB 1313 which seeks to extend until June 30, 2017, the $1 surcharge collected by a county clerk and recorder for each document received by the county for recording or filing. Currently, this surcharge expires on June 30, 2012. This bill will delay the expiration date for five years. HB 1313 will be heard on 2nd Reading in the House next week.

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