About

The Coalition to Stop Wall Street Home Resale Fees is organizing to fight the dangerous financial scheme of private transfer fee covenants and to protect homeowners across the country. Together, we are fighting to ensure that homeowners keep full equity in their home, and have the freedom to buy or sell their home without paying off an unaffiliated third party.

Often unnoticed by homeowners, Wall Street Home Resale Fees (otherwise known as Private Transfer Fees) are inserted into home sale contracts by private third parties, and require that every time a home is sold for the next 99 years, a percentage of the sale of the home (usually 1%) be paid to the third party. In return, homeowners receive nothing but reduced home equity and a harder time selling their home.

Resale fees levied by homeowners’ and condo associations, in contrast, direct money back towards homeowners in the form of infrastructure and amenity improvements. This is what differentiates them from the private, for-profit transfer fee that the Coalition opposes.

State legislatures are taking action to protect homeowners from private transfer fees. The use of Wall Street Home Resale Fees have already been restricted in 36 states: AL, AZ, AR, CA*, CO, DE, FL, HI, ID, IL, IN, IA, KS, LA, ME, MD, MI, MN, MS, MO, MT, NE, NV, NJ, NC, ND, OH, OK, OR, PA, SD, TN, TX, UT, VA, WA.

*California requires special disclosure when a home is placed under a Wall Street Home Resale Fee

The following groups are members of the Coalition to Stop Wall Street Home Resale Fees:

 

Consumers Union
Center for Responsible Lending
Vote Vets
National Association of Realtors (NAR)
Institute for Liberty
Consumer Federation of America
Property Rights Alliance
Americans United For Change (AUFC)
American Land Title Association (ALTA)
American Federation of State, County, and Municipal Employees (AFSCME)
National Real Estate Investors Association
Service Employees International Union (SEIU)
US Action
Labor Council for Latin American Advancement
Transport Workers Union
Communications Workers of America (CWA)
Office & Professional Employees International Union (OPEIU)
Massachusetts Affordable Housing Alliance
International Federation of Professional and Technical Engineers (IFPTE)
Labor Council for Latin American Advancement (LCLAA)
Georgia State Trade Association of Nonprofit Developers
Hawaii Advocates for Consumer Protection
Interfaith Housing Center of the Northern Suburbs
New York State Land Title Association
Virginia Housing Coalition
Colordao Property Rights Coalition
Washington Asset Building Coalition

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