This bill amends current law regarding the refund of additional fees paid on real property transfers exceeding $1 million. Specifically, it allows sellers to apply for a refund of any fee paid in excess of one percent of the consideration, provided that the transfer was made under a contract fully executed before July 10, 2025. The bill removes the previous requirement that the deed must be recorded on or before November 15, 2025, thereby simplifying the process for sellers seeking refunds.

Under the existing law, sellers were eligible for refunds only if the deed was recorded by the specified date, which limited their ability to claim refunds based on the timing of the deed recording. The new provision enables sellers to claim refunds regardless of when the deed is recorded, as long as the contract was executed before the cutoff date. This change aims to provide greater flexibility and financial relief to sellers of various categories of real property, including residential and commercial properties.

Statutes affected:
Introduced: 46:15-7.4