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