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.

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