Private transfer fees (PTFs) are either (i) an ingenious business model created by property developers to help defray the purchase price of a residence; or (ii) a deceptive consumer ripoff of the unwary homeowner.
What are PTFs?
A builder who is creating a residential development can put covenants or restrictions in the deeds to the new homes. The restrictions might be mundane, such as “No outdoor laundry-hanging,” cosmetic, e.g., “All front doors must be blue,” or safety oriented: “No barnyard animals.” A buyer who buys such a house is bound by these rules. Short of court intervention, they are included with the [...] Read More