New Notary Acknowledgement – SB 1050
All notary acknowledgements must now include the following prescribed consumer disclosure enclosed in a box at the top of each certificate:
A notary public or other officer completing this certificate verifies only the identity of the individual who signed the documents, to which this certificate is
attached, and not the truthfulness, accuracy, or validity of that document.
Please note that this is only one of many new real estate legislation becoming effective 2015, a new legislation that directly affects the business of title and escrow.
NEW REAL ESTATE LAWS
Transfer Tax Disclosure Requirement – AB 1888
Effective January 1, 2015
A new California law now in effect requires the documentary transfer tax to be included on the face of the property deed. Prior to the enactment of this new law, it was not uncommon in commercial real estate (and also in some residential sales transactions) to provide the amount of documentary transfer tax via an ‘unrecorded declaration’ all in an effort to prevent a final purchase price from being readily ascertainable. In other words, some Buyers did not want the world to know. Fast forward to January 1, 2015 the amendments enacted by AB 1888 eliminated this practice.