I read an article recently by John F. Farber that brought up an interesting subject. Transfer fees in Virginia. Have you seen them on a settlement statement and should we be worried about them.
Transfer fees are imposed by a developer on a piece of property for up to 99 years and are usually 1% of the gross sales price every time a property transfers ownership. The developers say they can sell the properties cheaper but I don't see it. What the developer does is sell the rights to the transfer fees at a substantial discount and walks away with extra cash in the pocket.
Apparently they are legal in Virginia but used sparingly. Let me know if any of you have seen these type fees and how do you explain them at closing.
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