Plain English Breakdown
The official source does not provide details on enforcement mechanisms or penalties for non-compliance.
Residential Property Fees: Limiting Vendor Charges
The bill limits fees that property sellers can charge buyers for signing and delivering documents related to the sale of any residential property.
What This Bill Does
- Limits vendors or lessors from charging more than $10 when a buyer signs and delivers documents during the transfer, cancellation, or reconveyance of a title or instrument.
Who It Names or Affects
- People buying or leasing single-family residential properties
- Vendors and lessors selling or renting any type of residential property
Terms To Know
- Vendor
- A person who sells a product or service, in this case, the seller of a house.
- Lessor
- The owner of property that is rented out to someone else.
Limits and Unknowns
- Does not specify what happens if vendors charge more than $10.
- It's unclear how this bill will be enforced or who will enforce it.