NEW LAW BANS PRIVATE TRANSFER FEES

From RECON at Texas A&M University comes this important legislative update...

AUSTIN (San Antonio Express-News) – Gov. Rick Perry has signed legislation banning private transfer fees attached to home purchases, the San Antonio Express-News reported yesterday.

Such fees throw a percentage of a home’s sale price back to the original developer each time the home is sold.

Under the new legislation, new private transfer fees will not be allowed. Developers who have existing fees on properties must file a notice of the obligation in county property records by Jan. 31, 2012, and update it every three years. If they fail to meet this requirement, the transfer fee is void.

Real Estate Center attorney Judon Fambrough and Research Economist Dr. Harold Hunt discussed private transfer fees on theReal Estate Red Zone podcast (episode 26).

Why am I updating a Dallas, Texas blog again?

Blogging... yeah, it seems a bit vain at times.  Did a NY Times writer really say, "Never have so many written so much to be read by so few?"  Hilarious!!!  I like the discipline of writing articles.  I like putting useful North Texas area real estate information out there.  I think that Facebook is quicker, faster, and certainly has greater traffic.

.  But, who knows... at least the brain is twisting, turning, and my clients can see that on my website I am eager to communicate to them about their real estate needs in Murphy, Rowlett, Richardson, Plano, etc...

I like my job.  Reminds me of a joke my Dad used to tell me, he got it from Henny Youngman.  ...An elderly Jewish man was crossing the street when he was hit by a car.  The paramedic shows up and says, "Are you comfortable?" The man says, "I make a good living."