Bill Banning Real Estate Transfer Fees

Senate Bill 11-234 would ban private real estate transfer fees, which have been added to homeowner association covenants during the development phase to fund an investment scheme cooked up by Manhattan-based Freehold Capitol Partners.

The covenants are set up to require that a percentage of the sale price of a home be paid to a private 3d party every time the property is sold, typically for 99 years, explained Rachel Wolf, of the Land Title Association of Colorado. Freehold is attempting to bundle and securitize these fees, and sell them to Wall Street investors.

http://summitcountyvoice.com/2011/04/13/colorado-to-block-new-real-estate-investment-scheme/

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