Connecticut Senate Bill SB00257

Connecticut 2013 Regular Session

• Introduced: 1/22/13
• Refer: 1/22/13

Caption

An Act Prohibiting Private Transfer Fees On Conveyances Of Real Property.

Impact

If enacted, SB00257 would significantly modify existing state statutes regarding real property transactions. Specifically, it would create a legal barrier against private transfer fees, which have sometimes been criticized for being burdensome and for limiting the ability of property owners to effectively sell their property. The removal of these fees is expected to encourage transactions and facilitate a more active real estate market, potentially benefiting both sellers and buyers.

Summary

SB00257, introduced by Senator Welch, aims to prohibit the imposition of private transfer fees on conveyances of real property within the state. This legislation targets fees that some property transactions incur, which are often paid to private entities rather than to the state or local governments. The objective is to safeguard property owners from potential financial burdens that these fees may impose when they sell their properties. By eliminating these fees, the bill seeks to promote fairness and transparency in the real estate market.

Contention

While the bill has garnered support for its potential benefits to property owners, there may be contention regarding the implications for developers and real estate firms accustomed to collecting these fees. Opponents could argue that eliminating private transfer fees might limit funding sources for certain services associated with property development, such as infrastructure improvements. As the bill progresses through the legislative process, discussions will likely focus on balancing the interests of individual property owners with those of the broader real estate industry.