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Clients are Saying

After meeting with Lorraine, I felt confident in her acting as my advocate in my search.

I had been passively looking for a condo located centrally in San Francisco for over a year and finally decided to make a move before the market appreciated out of my price range as well as take advantage of record low interest rates. I met with one relator who didn't really seem to get what I was looking for. After meeting with Lorraine, I felt confident in her acting as my advocate in my search.  She had extensive knowledge of the competitive, low inventory, difficult San Francisco housing market and looked outside the box to find me an off the market listing that met all my needs. For anyone who has looked in SF, it truly is invaluable to have a local relator on your side. I would recommend her to any family member or friend.
—Reed K.
Buyer
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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