Move My Realty - Real Estate News

IT'S THE LAW

June 3rd, 2008 9:32 AM by Ron Mastrodonato

IT'S THE LAW

Governor Crist yesterday signed SB 464 into law, which prohibits private transfer fees on real estate sales - a costly problem for future homebuyers. Here's how the scheme works: In a property's covenants, codes and restrictions, a property owner reserves the right to receive a percentage of all future sales - usually 1-2 percent. But buyers and sellers are often unaware of this fee until they've entered into a purchase contract. The practice artificially devalues property and impedes the sales process.

 

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Posted in:General
Posted by Ron Mastrodonato on June 3rd, 2008 9:32 AM

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