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Clients are Saying

Lorraine has everything someone would want in a realtor and more.

Choice for a realtor was an easy one...lorraine has everything someone would want in a realtor and more. She is incredibly knowledgable with the real estate market in sf. she has a lot of experience in both the buying and selling markets. Without a doubt, Lorraine has her client's best interest at heart. She was incredibly attentive and mindful to our needs, preferences and requests. In the selling of our condo she found us a great buyer on the very first open house, for a significant amount over asking. she also helped us negotiate a reasonable price for the home we bought which likely could have gone for quite a bit more. Lorraine made sure the business side of everything was smooth and clear and as straightforward as could be which was very comforting given how unfamiliar we were to the process. To top it off, Lorraine is fun, warm, engaging and personable and makes looking for houses feel enjoyable even when you've looked at more than you can count! 

i highly recommend lorraine.

—Aimee
Seller
Lorraine's Blog
 
When did withholding start for California residents?
The withholding law applies to dispositions of California real estate by both residents and non-residents which close on and after January 1, 2003. Previously, withholding was only required of non-resident sellers.


Why was this withholding law enacted?
As part of attempting to balance the state budget, this withholding provision was added to legislation on the last day of the Legislative session in 2002. It was estimated to accelerate collection of $285 million in additional state revenue.


Who is responsible for withholding?
The law requires the buyer (called the transferee) to withhold from what would otherwise be paid to the seller.


What unit at the Franchise Tax Board handles the withholding?
The Withholding Services and Compliance Section handles the withholding. Phone number is (888) 792-4900 and information can be found on their website at: https://www.ftb.ca.gov/forms/2012/12 1016.pdf

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