Relevant:
- FHFA Modifies Home-Sale Transfer Fee Regulation
- Special Interest Groups Seek to Thwart Private Transfer Fee Funding
- Federal proposal likely to curb real estate transfer fees
- Transfer-fee ban a threat to Boston Redevelopment Authority?
- Fannie, Freddie to Raise Fees in Effort to Encourage Competition - American Banker Article
2010-08-20 — washingtonpost.com
"A federal agency is moving to prohibit controversial "private transfer fees" on all mortgages funded by Fannie Mae and Freddie Mac. But its proposed ban might extend to transfer fees routinely collected by community associations across the country -- potentially forcing some of them to raise assessments on thousands of unsuspecting homeowners."
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Comments:
Robin at 04:44 2010-08-21 said:
Private transfer fees are starkly different from transfer fees imposed by local governments to raise revenue for public services when properties change hands. In a private transfer-fee arrangement, a developer or property owner records a long-term covenant requiring payments to trustees or other private parties every time the property is resold.Thus milking the equity of that property in perpetuity (or at least for most of its economic life) for the profit of anyone BUT the homeowner. That anyone thinks this practice should be allowed to continue just boggles my mind. Permalink
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