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 Developers aim to attach transfer fee to homes View next topic
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EmelioTextevez
Flash in the pan


Joined: 09 Dec 2009
Posts: 37

It's in the contract
PostPosted: Mon Apr 05, 2010 6:44 pm Reply with quoteBack to top

Of course it's disclosed, it's in the contract. You can't change the contract. If you want to buy a home there, you agree. If not, buy somewhere else.
Pretty simple.
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NewHomeDallas
Dyn-o-mite!


Joined: 05 Jan 2009
Posts: 404

Re: Developers aim to attach transfer fee to homes
PostPosted: Mon Apr 05, 2010 7:24 pm Reply with quoteBack to top

Yes it's disclosed to the first buyer in the builder's or developer's contract. How about ten years from now when everyone forgets about it and you have a whole new set Of Realtors that don't know about it? And don't count on the title companies. How many liens have they missed lately?
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Nelson
Dyn-o-mite!


Joined: 07 Nov 2008
Posts: 351
Location: Texas

Re: Developers aim to attach transfer fee to homes
PostPosted: Mon Apr 05, 2010 11:43 pm Reply with quoteBack to top

It is as likely to get picked up by title companies as CC&Rs, which means the great majority of the time. I also suspect that these neighborhoods will get well known in the realtor communites for the fee and I suspect if it becomes widespread the fees will be included in the MLS info similar to HOA dues.
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BillyA
Cherry Bomb


Joined: 12 Mar 2008
Posts: 117
Location: Dallas,TX

Re: Developers aim to attach transfer fee to homes
PostPosted: Thu Apr 29, 2010 7:48 pm Reply with quoteBack to top

Sounds like Jerry Jones may be involved. Remember that to buy season tickets to the cowboys you first have to be a bond holder for x # of $$ then you can purchase the tickets. Sly, but smart, if you can fine the right people, and God knows how Dallasites and many others luv those boys....
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scooter
Flash in the pan


Joined: 16 Aug 2008
Posts: 79
Location: houston

Re: Developers aim to attach transfer fee to homes
PostPosted: Mon Aug 16, 2010 3:20 pm Reply with quoteBack to top

There was an article on Saturday's Houston Chronicle that the Federal Housing Finance Agency is going to ban this practice. Any loan that goes thru Fannie Mae or Freddie Mac would be barred from having such fees attached. All interested parties have signed on to this, so it will be law in 60 days.

Developers were NOT part of the group that ok'ed this. They were not even part of the discussions. Banks, realtors and consumer agencies developed this rule, but developers were not involved. Laughing

I find this practice abhorrent, so I am all in favor of this rule.
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Nelson
Dyn-o-mite!


Joined: 07 Nov 2008
Posts: 351
Location: Texas

Re: Developers aim to attach transfer fee to homes
PostPosted: Tue Aug 17, 2010 3:38 am Reply with quoteBack to top

What happens to the owner of a home that already had the fee attached? I thought I read that Lennar had already put this in place in California.
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scooter
Flash in the pan


Joined: 16 Aug 2008
Posts: 79
Location: houston

Re: Developers aim to attach transfer fee to homes
PostPosted: Fri Sep 16, 2011 8:15 pm Reply with quoteBack to top

Update: one year later.

Texas has passed a bill prohibiting almost all private transfer fees. Only some very specific HOA fees are allowed. Freehold fees are specifically prohibited.

YES!
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NewHomeDallas
Dyn-o-mite!


Joined: 05 Jan 2009
Posts: 404

Re: Developers aim to attach transfer fee to homes
PostPosted: Sat Sep 17, 2011 12:00 am Reply with quoteBack to top

And several other states have outlawed them or have pending bills outlaying them.

This was like the 60s when developers of Florida condominiums would lease a small pool and playground and maybe a tennis court to the condo association, which they usually ran, for 50 years at outragious rates. It lead to New York and New Jersey requiring expensive registration.
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