Industry NewsMortgage

Pennsylvania latest state to ban private transfer fees

Fannie, Freddie regulators moving forward on federal ban
Published on Jun 24, 2011

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by CareyBot

Pennsylvania has become the latest state to ban private transfer fees, joining a list of more than 30 states that have enacted such legislation, according to the Pennsylvania Association of Realtors.

The association says it worked with the state's Land Title Association in support of a bill signed into law today by Gov. Tom Corbett.

Pennsylvania's HB 442 is aimed at resale fees that developers sometimes attach to homes -- often 1 percent -- that's paid every time a home is resold for up to 99 years.

Developers have said the fees help them spread out the cost of capital improvements over the life of a project instead of forcing the original buyers to shoulder the entire burden.

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