- Eliminates any reduction for separate consideration paid for personal property from the total sales price;
- Generally requires the consideration amount listed on the grant or conveyance document to be used to determine the documentary fee; and
- If there is no consideration amount or the amount listed on the grant or conveyance document is $500 or less, and there is a related declaration filed, then the total sales price listed on the declaration is used to determine the documentary fee.
The act also specifies that, unless a deed or other instrument includes a conspicuous statement or notation that the property is not to be regarded as residential, a grant or conveyance is regarded as residential real property for the purpose of determining the documentary fee.
The act applies to fees imposed on documents recorded on or after July 1, 2016.
(Note: This summary applies to this bill as enacted.)