Pennsylvania latest state to ban private transfer fees 

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.

more...

To view this premium content sign in to your Premium Member account.

Premium Members have full access to all news archives & premium content.

Purchase Professional Membership for $199/year OR
Premium+ Membership for $149/year OR
News Membership for $69/year

Buy Now

Advertise with Inman

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.