Lake Wedowee Topics: Does anyone know what the fee is?

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	Name:	Maverick -
	Subject:	Does anyone know what the fee is?
	Date:	4/26/2012 1:25:19 AM

Catherine:

Based on my limited knowledge and research regarding Transfer Fee (as had never heard of such) it appears most transfer fees are a percentage of the subsequent selling prices, either paid by the seller or buyer.

So assume I purchase a piece of property, improve it and then sell and the original recorded deed states the seller has to pay a 1% transfer fee and I sell the property for $750,000, I would owe the developer $7,500 upon closing and it appears the vast majority of such fees are for a fixed number of years, say 99 years and a fixed %. So if the average length of home ownership is say 10 years then there would be 9 transfer fees paid to the developer during the 99 year period.

Have no clue what Russell's transfer fee is or the length of such, if any. But if it were me and I did in fact have to pay a transfer fee I would be telling my Realtor (if Russell Realtor) they need to go ahead and reduce their commission by X to cover the transfer fee.