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Loan Modification
: Mortgage Lender Implode-o-MeterNew York Firm's Property Transfer Fee Plan Stirs Controversy
By Implode-Explode Heavy Industries
WSJ ran this article today for subscribers:
"New York-based Freehold Capital Partners wants developers across the country to attach transfer fee covenants to properties allowing the builder and Freehold to reap profits for decades after a property is sold. The covenants typically require future home sellers to pay 1% of the sales price to the home builder or other third parties each time the house is resold for 99 years."
The article linked below has a bit more info.
Full post as published by Mortgage Lender Implode-o-Meter on June 11, 2010 (boomark / email).
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