Although encumbering a statistically small percentage of the estimated 135 million homes nationwide, increased use of private transfer fee assessments, particularly by real estate developers beginning around 2007, when financing became difficult to obtain on commercially reasonable terms, lead to increased regulation at both the federal and state level. According to the Coalition to Save Community Benefits, private transfer fee covenants of some kind encumber approximately eleven million homes in the United States. Unlike a transfer tax (payable to a governmental entity) a private transfer fee assessment is payable to an identified third-party, often a community association (like a homeowners' association, or "HOA"), the real estate developer, and/or an environmental or charitable organization. The assessment can be for a fixed amount or a percentage of the sales price, and typically runs for a limited term (usually ranging from 20 to 99 years). ( May 2020) ( Learn how and when to remove this template message)Ī private transfer fee covenant is a legal instrument that is filed in the real property records, which imposes an assessment payable in connection with a series of future transfers of title to certain real property. Please help improve this article if you can. The specific problem is: Too much detail, in legalistic language not appropriate for an encyclopedia. This article may require cleanup to meet Wikipedia's quality standards.
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