"The fees, also known as re-conveyance fees, are inserted by developers into covenants governing newly built subdivisions and commercial real-estate developments. They require sellers of a property to pay a percentage, often 1%, of the selling price to the original developer of the property every time it changes hands, for up to 99 years."
Stripping property owners, businesses and the general public of their hard earned money is just sort of what the government seems to do best.
Home-Resale Fees have been an excuse in California to rob, rape, and pillage for years. It’s interesting that politicians (and consumer rights groups) object when it is a builder/developer scamming money from sellers!
It all goes back to that concept of no honor between thieves; and the fact that the government does not appreciate competition
(when it comes to their stealing). In this case the efforts of additional thieves acting independently from the government to strip equity from homeowners.
It is interesting that these fees have been found to be legal (here in California),
so now just like with home loan contracts the government is going to waive its magic wand and reduce or take away the fees? Kind of like Obama’s program to roll back the principle due on home loans, rather than just reducing interest rates? This program has not worked to restore property values (only hurt it), but;
I wonder if this concept might not work with taxes? Let’s do away with fees and taxes also… I like that idea!
When home values fall, should these same thieves compensate the seller proportionately for their losses? Share the wealth / Share the losses? Permalink