Gov. Bill Haslam signed into law a bill that bans private transfer fees on home sales, joining Tennessee with 35 other states that have taken similar measures. “These fees infringe on property rights and hurt Tennessee consumers,” State Sen. Lowe Finney, D-Jackson, who sponsored the senate bill, said in a prepared statement. “They have no place in the Tennessee real estate market.”
Local leaders said that Manhattan-based Freehold Capital Partners is leading the push to add these fees to home purchase contracts. The fees require that a percentage of the final sale price of the home be paid to a private third party every time the property is sold, usually for 99 years, lawmakers said.
Freehold wants to then sell the right to collect these fees on Wall Street. According to Freehold’s website, the fees result in lower sales prices, closing costs and monthly interest payments for consumers. But Tennessee officials said that the fees aren’t beneficial for customers.
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