We Realtors have been fighting for this ---- transfer fees are bad, but now they are banned!
AUSTIN (San Antonio Express-News) – Gov. Rick Perry has signed legislation banning private transfer fees attached to home purchases, the San Antonio Express-News reported yesterday.
Such fees throw a percentage of a home’s sale price back to the original developer each time the home is sold.
Under the new legislation, new private transfer fees will not be allowed. Developers who have existing fees on properties must file a notice of the obligation in county property records by Jan. 31, 2012, and update it every three years. If they fail to meet this requirement, the transfer fee is void.
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