Ohio bans new fee benefiting developers | The Columbus Dispatch
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#1 Jun 16, 2010
Way to go Ohio! Once I buy a home, car or anything else I may decide to sell later, the manufacturer of the product needs to make its profit at the time I buy it and then leave me alone. I have no problem paying fees to the people doing the work to help me sell it - real estate agent, mortgage co., Recorder fees, etc.
Developers should charge enough on the sale of the original home to cover its costs and build capital for the next development. If that means the original home costs a little more, so be it. We have to learn to buy homes we can afford anyway.
#2 Jun 16, 2010
Those transfer covenantes are shady as all hell. I agree with banning them from the get-go.
#3 Jun 16, 2010
These "transfer fees" are ridiculous. They get a percentage of the sale price every time the house is sold. This means if you invest your hard earned money on improvements to a property (eg an addition or extensive remodel) they profit from it.
Banning this practice is right on.
The other thing they don't mention is that the developer does not actually keep the fee, rather they put it in a package and securitize it (sell it off) so they get a lump sum of money up front and an investment bank receives the 99 year payout. Sound familiar to anyone? Think cause of recession.
#4 Jun 16, 2010
I can't say that I'm crazy about the idea either, but I would be curious to see how it would change the market on houses with this type of covenant.
99 years is crazy long too.
Although in regards to what History Major said, I can think of one product (exception that proves the rule) that should have fee percentages that go to the original manufacturer. That is art, where the original selling price of the item in no way reflects what it may sell for on the used marketed 10 years later.
#5 Jun 16, 2010
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