Even as I read articles in black and white from reputable sources about resale charges and transfer fees, I am still in shock and disbelief that anyone could attempt to perpetrate a 99 year gouge on property buyers.
The realtor.org daily news updates reports that protest is rising over resale charges, which are transfer fees contractually imposed by home builders and developers of some properties demanding a 1 percent transfer fee be paid to them every time the property is sold for the next 99 years. Could a real estate attorney who doesn’t represent the home builders and developers please explain how this practice could possibly be legal?
The CNN source story for the realtor.org article gives more details.
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- A one percent resale tax for homeowners for the next 99 years? (walletpop.com)
- The latest real estate rip-off? (money.cnn.com)
- Home-Resale Fees Under Attack (online.wsj.com)
- Coalition targets long string of transfer fees (seattletimes.nwsource.com)
Joe Spake is a Memphis, Tennessee based Consultant, Real Estate Broker, and Blogger. Call 901.214.5563 for a consultation or click to make a social connection.
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