“Private Transfer Fees”
Don’t you love it when politicians on a state and federal level work on figuring out more ways to tax us????? Read to the article below and keep yourself educated. Realtors, lenders, mortgage brokers, title companies will all be affected. Ultimately it will cost the consumer.
RESPA News Monthly
(August 10, 2011) — The legality of private transfer fee covenants is being heavily debated on the federal and state level. Trade associations, title insurance agents, title underwriters, homebuilders, mortgage lenders and politicians are weighing in on whether these fees should remain legal, require more transparency or should be forbidden entirely. The recent developments and the banning of the fee covenants in certain states have spurred a number of questions in the title insurance industry regarding how this affects the title and ultimately, consumers.
On Tuesday, Aug. 23, three knowledgeable real estate professionals will come together in an interactive, instructional Webinar to provide important information to the title insurance industry regarding private transfer fees. Hosted by The Legal Description, the 90-minute Webinar, Private Transfer Fees: The Debate, The Ban and Your Business, will begin at 2 p.m. ET and will allow an opportunity for participants to ask questions.
Cort Ashton, vice president of Cottonwood Title Insurance Agency Inc., will educate title agents on how to find private transfer fees, what to do if they are found, his personal account of going through the legislative process of banning these fees in his state, and why it is essential for title professionals to know about their effects on the title.
Jerome Nagy, senior policy representative for the National Association of Realtors, and Steve Gottheim, legislative and regulatory counsel at the American Land Title Association, will convey what is happening at the federal and state level regarding these fees, the controversy surrounding them and the recent activity among political, legislative and industry group leaders.
“We have brought together a team of experts who have been following this issue for a long time and have been very close to what is happening in Washington and within state legislatures,” said Andrea Golby, editor of The Legal Description and Dodd Frank Update and moderator for the Webinar. “What is also unique about this group is they can provide information that will help title agents better understand fee covenants as they relate to the title search and settlement process.”
What are private transfer fee covenants; what do they mean to the title agent; how do you find them; how do they affect the property; and why all the controversy surrounding them? Also, which states have banned them? Are the bans retroactive? Are there other types of covenants that could be tied to the property?
“Webinar attendees will walk away with answers to these questions along with related articles from October Research’s publications,” said Syndie Eardly, editorial director at October Research. “For the past year, our editorial team has been covering private transfer fees from both a business and legislative perspective.”
After this Webinar, you will know:
This Webinar will prove incredibly beneficial to the title insurance industry, but the Webinar has been structured to also inform Realtors, mortgage lenders and brokers, and other settlement services professionals about the controversy surrounding these fees.
We invite you to join us on Aug. 23. For more information and to register, visit the Webinar registration page or call (877) 662-8623
Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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