NAR & others attack private transfer fees
Date 8/2/2010
NAR, others, attack private transfer fees
(WASHINGTON) – A group of organizations led by the National Association of Realtors is asking Congress to ban so-called “private transfer fees” that allow developers to collect money every time one of their homes is resold, typically, for the next 99 years.
NAR, the American Land Title Association, the Center for Responsible Lending and a number of other groups have formed The Coalition to Stop Wall Street Home Resale Fees.
They have sent a letter to Treasury Secretary Timothy Geithner, asking that the fees be outlawed.
New York-based Freehold Capital Partners is a leading proponent of the fees, arguing they will bring more investors into the property development arena. Opponents say the fees will cloud titles for generations and will become a disclosure issue for homebuyers.