Bored of Real Estate

The San Antonio Express reports that Developers now putting “transfer fees” into deed restrictions on property they develop. Basically, they’re imposing a fee (typically 1% of sales price) that is automatically paid to them every single time the property is sold. It’s like a perpetual money machine.

States are looking into ways to ban this practice but, like most things the government does, it’s slow and probably won’t work when they’re done with it.

Developers aim to attach transfer fee to homes

In case you weren’t aware, Home Owners Associations (HOAs) have near limitless power over those who live in their subdivision. Recently, many of the HOAs in the Dallas area have been foreclosing on the owners for not paying their quarterly dues or the fines they received for not maintaining their property to whatever standards the HOA has in place that week.

I recognize that people need to pay their bills, but it takes a special kind jerk to foreclose over a $50 fine (plus lawyer fees) for not cutting your grass.

Hit the link for the whole article.

Dallas Morning News: Dallas-area HOAs post homes for foreclosure