HOME BUILDERS COLLECT 1% HIDDEN FEE FOR 99 YEARS 8-24-2010

Description

"STOP SPENDING" T-SHIRTS @ executees.net If you plan on buying or selling a house, industry experts warn there's a new hidden fee out there that could cost you thousands of dollars; and not just you, but the person who eventually buys the house from you in the future. It's no secret the housing industry is in crisis. Land developers and home builders are sitting with excess supply and little demand, but there is a way to make more money off of you. If you do, when you go to sell you will owe someone -- either the developer, Builder, or the most recent homeowner - 1 percent of your gross sale price. "Is it legal? Yeah," said Satl Lake County Recorder Gary Ott. "If it's a $400000 house, 1 percent makes a difference." We've uncovered hundreds of these documents filed on property throughout Salt Lake and Utah counties, most filed in the last year. Already, some are sounding the alarm. "It wasn't passing the smell test," Salt Lake County Recorder Gary Ott said. "Is it legal? Yeah." "We're unanimously opposed to these types of transfer fees," said Cort Ashton, president of the Utah Land and Title Association. Transfer fees tacked on to subdivisions, condominiums, even single homes. Buyer beware: You could have these fees tied to your property. But that's not all, there's also a 99-year payout. KSL saw hundreds of documents filed on thousands of acres of property across the Wasatch Front: all span 99 years. That means not only will you owe 1 percent of the gross sale price, but <b>...</b>

Keywords

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