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Monday, September 13, 2010

Another Possible New Fee For Home Buyers And Sellers

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.

3 comments:

Philadelphia Homes said...

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!

Mobile Home Gurl said...

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!

Mike - Financial Freedom Forums said...

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!

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