Untitled Document

Monthly Manor Sales vs "Transfer Fee"

The above items include;

1). A series of charts plotting the actual monthly number of sales and avg sales cost for LWV Manors from 1999-Current (2011). This will help you visualize on your own, what has happened in the past and then make a judgement on what the future might hold for our sales to estimate what income we can expect from the implementation of a "Transfer Fee."

2). An article and video on the impact this could have if we initiate a "Transfer Fee," from the NAR (National Agency of Realtors) view point. If you don't watch the video, you must read the article including the following, "... with the Federal Housing Finance Agency (FHFA) publicly questioning the fees and considering taking steps to stop Fannie Mae and Freddie Mac from accepting mortgages on properties whose title is encumbered by the fees, the move to get them stopped is gaining even more momentum."

3). Data presented at the RV Sept 15 Mtg. Includes Pros and Cons on the Transfer Fee along with charts of the MANOR SALES history from 1998 thru Aug 2011.

End of Private Transfer Fees?

Private transfer fees, a type of encumbrance on real estate titles that some developers impose to offset their costs, are increasingly being banned by state governments that don’t see any public benefit.

Florida, Kansas, Missouri, and Oregon are among those that have put a stop to the fees. Texas also has banned them, though just for residential properties, and California has passed a disclosure law so buyers are aware of the fees early in the deal.

Supporters say the fees are a way for strapped developers to generate revenue and keep home prices affordable. But critics say that unlike encumbrances that pay for utilities, recreational amenities, or conservation easements, private transfer fees don’t offer any public good.

NAR in February rolled out assistance, including free legal help, to state REALTOR® associations interested in working with their state legislatures to address the fees. For more information and a video on this issue, visit REALTOR.org/realtormag and search for "private transfer fees."