More Transfer Fee Covenant News   3 comments

On September 29, 2010, Rep. Maxine Waters sponsored H.R. 6260 in the U.S. House of Representatives entitled “To amend the Real Estate Settlement Procedures Act of 1974 to prohibit certain transfer fees and covenants in connection with the sale of real property. ”

H.R. 6260 is intended to address the current concerns over the use of transfer fees as well as concerns over a proposed widespread prohibition of investment by FHFA entities in communities that have existing transfer fees.  (See recent blog entry on this subject.)  It would amend the Real Estate Settlement Procedures Act (“RESPA”) to prohibit certain kinds of transfer fees and make anyone who attempts to collect the prohibited types of fees subject to criminal and civil penalties.

For more background information, check out this article in the Wall Street Journal blogs.

By: Amy H. Bray, partner in our Commercial Real Estate Department.

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3 responses to “More Transfer Fee Covenant News

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