Gov. Rick Perry has signed legislation to ban private transfer fees on real estate. Private transfer fees are written into neighborhood deed restrictions and typically throw 1 percent of a home’s sale price back to the original developer each time the home changes hands over the next 99 years.
Both the Texas House and Senate had voted overwhelmingly for the bill, and Texas now joins 33 other states that have banned or restricted private transfer fees in recent years.
Private transfer fees aren’t common in Texas, but they have been marketed to developers as a way to create an income stream in a down market.
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