Monday, April 12, 2010
In Our World - Home sellers beware
Private transfer fees.
The devil is always in the fine print.
I have to say this is a new one for me. How about you?...
The devil is always in the fine print.
I have to say this is a new one for me. How about you?...
Jennifer Hiller has this and the whole story at MySanAntonio.com:
"The fee, written into neighborhood restrictions, would encumber the property for 99 years and throw 1 percent of the sale price back to the developer — or his or her estate or another investor — and Freehold each time the home changes hands.
It's an idea that's drawn the attention of some state legislatures and real estate trade organizations, which are fighting to stop the transfer fees from gaining a spot in the market.
Critics say such fees could taint entire neighborhoods, making it difficult to sell homes, and could complicate title records for decades. If the fee is not paid by the seller, a lien is placed on the property and the title becomes muddy."