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Developers aim to attach transfer fee to homes
The American Land Title Association and the National Association of Realtors wrote model legislation banning private transfer fees that members can present to state lawmakers. This month the trade groups asked the U.S. Department of Housing and Urban Development to clarify that it prohibits the use of private transfer fees on government-insured mortgages. “It's a limit on property. If you don't pay the fee, the property doesn't transfer, and you don't have clear title,” said Gerry Allen, community outreach manager with the National Association of Realtors. “There's nothing to say that anybody who owns a home can't attach this to their property. You could have a whole chain of these.”