Many condo and townhouse dwellers are already familiar with resale fees -- a fee due to the condo association or community when an owner sells. These charges fund common-area maintenance or provide a boost to reserve funds, which benefits the association's
homeowners. But now, in some new developments, home builder contracts are including a 1% fee to be paid to them every time the house is sold -- for 99 years.
And the money doesn't go for improvements or upkeep: It's just money in the builders' pockets. That has the real estate industry and consumer protection groups up in arms.
See you at the top because we will help you get there!
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