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Name:	Catherine -	Reply
Subject:	Russell Lands "transfer fee" John C?
Date:	4/24/2012 5:33:11 PM

Some of my friends who have bought from Russell Lands lately are talking about a "transfer fee" that is paid to Russell Lands whenever they sell their property? Does anyone know what this is for and will it apply to future buyers of the same property as well? Is it a tax of some sort?

Name:	mckaygmc -	Reply
Subject:	Russell Lands "transfer fee" John C?
Date:	4/24/2012 6:40:20 PM

"Thank you for calling USA Prime Credit Peggy Speaking how can I help you"..........."TRANSFER"!!!!!!!

LOL

Name:	roswellric -	Reply
Subject:	Russell Lands "transfer fee" John C?
Date:	4/24/2012 7:54:52 PM

I think it has something to do with the "Land Trusts" that were set up for some common areas in the later phases.

Name:	John C -	Reply
Subject:	rick is correct
Date:	4/24/2012 11:17:09 PM

It is a fee paid to them upon sale, but it has to be in the original deed to begin with when they sell it to you. So, for instance, if you bought a Windermere lot from RL in 1983, and that transfer fee was not in the deed restrictions when you bought it, you are not subject to paying it upon selling. However, for example, if when you bought a lot in an applicable phase of the Ridge, and this provision was in there when they sold it to you, you will.

Please note I am not an attorney and this is a layman's understanding. Each person who wonders about their own lot should go to the attorney that closed their sale and ask him / her if this applies, or get an attorney to look into your title.

Is it a "tax?" I don't think so because it's not going to a government, it's going to their trust whose stated purpose is to keep up the area, etc etc. I think it's more akin to a Homeowner Association fee, but maybe that's just semantics. If anyone has any questions they should ask Steve Forehand at Russell Lands, the corporate Secretary.

Name:	Witt E -	Reply
Subject:	Russell Lands "transfer fee" John C?
Date:	4/24/2012 11:36:22 PM

Based on this description it sounds like it pays to maintain "dirt roads".

Name:	Catherine -	Reply
Subject:	Thank you John C
Date:	4/25/2012 5:56:28 AM

That makes sense. I assume the financial records of the trust would be available from Mr. Forhand as well? Or he could point us to where they are kept? And the seller pays this fee? Do you happen to know what the fee is, or where the records are kept? I've dealt with Russell Lands before and getting a call back from them is like waiting on Publisher's Clearing House to pull up in your driveway. It could happen eventually, but probably not this year. They need a VP of Returning Phone Calls.

Name:	GoneFishin -	Reply
Subject:	Transfer fee reference
Date:	4/25/2012 12:38:38 PM

http://www.russelllandsonlakemartin.com/pdf/RFTA_membership_policies.pdf If you scroll down you will see reference to the transfer fee as it relates to the trails.

Name:	Maverick -	Reply
Subject:	Russell Lands "transfer fee" John C?
Date:	4/25/2012 4:54:38 PM

Private Transfer Fees (also known as Reconveyance Fees, Capital Recovery Fees, Residential Transfer Fees, and Transfer Fee Covenants) are as US imposition charged by developers and paid by homeowners that are inserted into home sale contracts. The fees are filed in the public record, run anywhere from 20 years to perpetuity, and require up to a 1% fee to be paid at the final closing of a property each time the property sells, by either the buyer or seller. The 1% fee is inserted into a home contract and is paid by the seller or the buyer at the time of closing. The 1% fee is paid every time the property changes hands, often for 99 years.Proponents claims that the Private Transfer Fee Covenant is fully disclosed in the public record, often as a stand-alone document. Critics disagree and claim that the fees are hidden. Developers claim that fees help pay for infrastructure and improvement costs. Critics argue that Private Transfer Fees simply act as an additional burden on homeowners and increase the costs of homeownership, while costing them home equity. Proponents say that Private Transfer Fees make homeownership more affordable by spreading infrastructure costs across the future owners. The Federal Housing Finance Agency recently issued a guidance prohibiting Fannie Mae, Freddie Mac, and the Federal Home Loan Banks from investing in mortgages with private transfer fees. The following states have restricted the use of private transfer fees, including Arizona, California, Delaware, Florida, Hawaii, Iowa, Illinois, Kansas, Louisiana, Maryland, Minnesota, Mississippi, Missouri, North Carolina, Ohio, Oregon, Texas, and Utah. California, for instance, passed favorable legislation that sets forth certain disclosure requirements for such covenants.

Name:	roswellric -	Reply
Subject:	Russell Lands "transfer fee" John C?
Date:	4/25/2012 9:23:56 PM

Thanks Mav for a great perspective...without bias.

Name:	Catherine -	Reply
Subject:	Does anyone know what the fee is?
Date:	4/25/2012 9:54:38 PM

Is it a fixed amount? Or a percentage of the price of the property?

Name:	Maverick -	Reply
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.

Name:	Witt E -	Reply
Subject:	Does anyone know what the fee is?
Date:	4/26/2012 5:49:26 AM

From what everyone has said, in my opinion, it sounds like a fee to offset development cost and the cost to maintain such improvements. Not sure why home owners are paying. It does not sound like a tax but a way to avoid paying them.

Name:	roswellric -	Reply
Subject:	Hmmmmm...
Date:	4/26/2012 4:16:00 PM

Reminiscent of the proposed Obama home sales tax idea....

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