Colorado Homeowners to Benefit from Bill Banning Private Transfer Fees

As a Denver homeowner, you may have seen The Denver Post article which reported that Colorado is about to pass a bill that bans private transfer fees on home sales. Already in place on some Colorado homes, these fees force anyone selling their property for the next 99 years to pay a fee equal to one percent of the selling price to an outside party. With the support of the Colorado Association of Realtors, the Colorado Mortgage Lenders Association, State Rep. Tom Massey and State Sen. Cheri Jahn, the governor is expected to sign a bill outlawing these fees in early June of 2011. Although the exact number of homes in Colorado that may already have these fees attached to them is not known, they are not covered by this legislation. It will apply only to new home sales going forward after the governor has signed the bill.

If you are thinking about buying a Denver home, you'll want to determine whether these fees have been added into your cost estimates and how this bill could affect your purchase price.  You'll also want to work with a professional real estate agent to determine whether these fees might already apply to the home you have in mind. If they do, this is something you will want to take into consideration because it could affect your ability to resell this home in the future. Also be sure to request our FREE Report on "8 Important Tips for Protecting Yourself When Buying a Home" so you'll know what else to expect.

Whether you're moving around the corner or relocating to Denver, the real estate experts at Bandy Homes are here to help you understand the impact recent legislation may have on your transaction, so you'll know what costs to expect. We are your Denver area real estate experts, and we're here to help you learn all about the costs and benefits of owning a home. We can answer your questions and show you some beautiful homes in Denver, including some terrific homes in Cherry Creek; some great houses in Parker including the Pinery Golf Community; or some fabulous,  family-friendly Highlands Ranch homes.

Marianne Bandy

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