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Volume 7 - Number 10

May 9, 2014

Groups Call for Harmonized Transfer Fee Rules

A coalition of industry trade associations is urging the FHA to harmonize its regulatory treatment of transfer fee covenants with the Federal Housing Finance Agency. In a joint letter, the group said the FHFA’s final rule on transfer fee covenants “establishes a clear, national standard to protect homeowners from equity-stripping private transfer fees while preserving the preeminence of state and local governments over land-sue standards.” The letter was sent in response to reports that FHA may issue a proposed rule on transfer fee covenants that will apply to FHA-insured mortgages. A private transfer fee covenant is attached to real property by the owner or another private party – frequently the property developer – and provides for a fee to be paid to specified third party every time the property is resold. The fee typically is a percentage of the property’s sales price and ...

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