Tag Archives: banned

Transfer Fees Victory

The Federal Housing Finance Agency in March issued its long awaited final rule on transfer fees, and it’s a big win for community associations. 

FHFA initially proposed a regulation that would have banned federally backed mortgages for property in a community association with a deed-based transfer fee.  As originally drafted, the proposed rule would have cut off nearly all mortgage funding for the 11 million housing units, roughly half of all community association housing, that have existing deed-based transfer fees.  Over the past two years, CAI members worked diligently to gather data on transfer fees, submitted comments to FHFA and brought the issue to the attention of key lawmakers.

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Some states ban private transfer fees

News items of national interest regarding Condominium and Homeowner associations, compiled by the Community Associations Network

Private transfer fees that require home buyers to pay a percentage of the selling price to a designated beneficiary have now been banned in 11 states.
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