Who pays Measure ULA?

The seller, on qualifying sales inside the City of Los Angeles. It still affects you as a buyer through pricing and available inventory above the threshold.

What is the biggest underwriting mistake here?

Using the seller’s property-tax figure. Prop 13 reassesses on transfer and the jump can be substantial.

United States · USD

Los Angelesreal estate

Los Angeles prices around three things a spreadsheet from elsewhere will miss: Proposition 13 reassessment on sale, the Measure ULA transfer tax on high-value sellers, and wildfire insurance.

New York Miami Chicago Austin Seattle

County records path

HOA & insurance checked

3D map

50state codes — there is no one US market

Titleinsurance, not a notary, protects the buyer

FIRPTAwithholding hits foreign sellers, not buyers

No SSNneeded to take title as a foreign buyer

What a purchase really costs

$750,000 home in Los Angeles

Owner's title insurance (≈0.5%): $3,750
Lender, escrow & appraisal (≈1%): $7,500
Attorney, recording & prepaids (≈0.3%): $2,250
Cash needed at closing: $763,500

≈ +1.8% over the price. There is no national property code. Transfer tax is a city and county question — New York adds a buyer mansion tax above $1m, Chicago charges the buyer 0.75%, Texas charges nothing and takes it back in annual property tax. Since the 2024 NAR settlement, buyer-agent compensation is negotiated in writing rather than assumed from the listing.

Rentals run on rules

The rent side, in three lines

Deposit caps, notice periods and eviction timelines are state law — one to two months is common, but New York and Florida are not the same statute.
Rent stabilization is local: New York City has it, Miami and Austin sit under state preemption against it.
Insurance is the variable that reprices a building — Florida wind and flood can move faster than the asking price.

HOA and condo documents are the yield. Read the reserve study and the special-assessment history before the inspection.

Cities

Six metros, six closing customs

The buyer-side transfer tax is the fastest way to see how local this market is: 1%+ in Manhattan, 0.75% in Chicago, zero in Austin and Seattle where the seller pays instead.

Proposition 13 caps annual assessment growth but resets the base to market value when the property sells. The seller’s tax bill tells you nothing about yours — model the reassessed number.

Measure ULA adds a multi-point transfer tax on sales above roughly $5m inside the City of Los Angeles, levied on the seller. It has visibly thinned high-end volume and it shapes how above-threshold deals are structured.

Wildfire exposure has pushed carriers out of parts of the county and into the FAIR Plan. Older multifamily under the Rent Stabilization Ordinance — generally pre-October 1978 units — carries its own rent and eviction regime.

FAQ

Who pays Measure ULA?: The seller, on qualifying sales inside the City of Los Angeles. It still affects you as a buyer through pricing and available inventory above the threshold.
What is the biggest underwriting mistake here?: Using the seller’s property-tax figure. Prop 13 reassesses on transfer and the jump can be substantial.

All markets: sivrce.com · Georgia marketplace: sivrce.ge · Prices and availability are published only when a verified listing exists. Market currency: USD.