When my grandparents bought their first home in 1953, they paid their home builder for the price of the home. The buyer handed over the money, courtesy of the bank; the builder handed over the keys to the home. And that was it, transaction finished.
But that scenario may be fading thanks to the latest real estate fee: A requirement to pay the original home builder a 1 percent fee every time the house is sold – for 99 years.
See full article from WalletPop: http://www.walletpop.com/blog/2010/08/24/a-1-percent-resale-tax-for-homeowners-for-the-next-99-years/?icid=sphere_copyright
Comments
Stupid idea and so is anyone that buys a home with this fee. Maybe a fee during the first twelve years as liability for negligence in construction – I think – is about 12 years.
#Do you Want to say something?