s_lg_2016a_2016-03-15t14:02:29z2 Hearing Summary

Date: 03/15/2016

03:03 PM -- HB 16-1145



Senator Tate, prime sponsor, described the provisions of House Bill 16-1145 concerning documentary fees for residential real property. The reengrossed bill clarifies that the filing fee for a residential real property conveyance is calculated based on the total sales price, as listed on the conveyance document. If there is no amount listed, or the amount is less than $500 and there is related documentation, then the total sales price on the declaration form is used to determine the filing fee. The bill also stipulates that, for the purposes of determining a filing fee, a property is assumed to be residential property unless otherwise indicated as either commercial or industrial property. Filing fees for commercial or industrial conveyance documents are determined by the total sales price adjusted to account for other personal property included in the real estate transaction (personal property considerations).



The following persons testified on the bill:



03:07 PM -- Don Booher, representing the Land Title Association of Colorado, testified in support of the bill. Mr. Booher responded to questions from the committee.



03:10 PM -- Terry Jones, the Colorado Mortgage Lenders Association, spoke in support of the bill.



03:13 PM -- Ted Leighty, Colorado Association of Realtors, testified in support of the bill and responded to questions from the committee about the reengrossed bill.



03:16 PM -- Debra Johnson, Colorado County Clerks Association, Clerk and Recorder of the City and County of Denver, spoke in support of the bill.



03:17 PM -- Lisa Frizell, Colorado Assessors' Association, Douglas County Assessor, testified in support of the bill.



03:23 PM



The chair closed testimony and Senator Tate closed his remarks on the bill.