Came across a story in the New York Times this morning about a possible new fee in the housing market. It hasn't caught on yet, and let's hope it doesn't.
Some developers are trying to attach a clause to the sales contract of new homes that says the developer will receive 1% of the sales prices of the home every time it changes hands for the next 99 years. Wow. New home buyers - this is yet another reason to understand every piece of paper you are signing at closing.
Monday, September 13, 2010
Another Possible New Fee For Home Buyers And Sellers
Subscribe to:
Post Comments (Atom)
3 comments:
WOW is right.. That is unbelievable and such BS! I wish I could sell something and get paid the rest of my life, . The realtor should get a percentage of every commission for the next 99 years also - the people who make these laws make no sense!
Wow, this is crazy Shaun! I can't believe it's come down to this - people will do anything nowadays just to make a quick buck. I think this is ludicrous. Thanks for sharing!
My parents are buying some land at the moment and the vendor is trying to attach both a covenant saying they can't build on it AND a covenant saying of they ever sell he receives 50% of any capital appreciation, all while trying to negotiate the price up and up!
Greedy vendors trying to both have their cake and eat it!
Post a Comment