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Governor Strickland Signs H.B. 292 Banning Private Transfer Fees
by Robert Franco | 2010/06/15

Yesterday afternoon, Ohio Governor Ted Strickland signed H.B. 292 banning private transfer fee covenants.  Private transfer fee covenants are recorded with the covenants, conditions and restriction to real property that purport to require the payment of a one-percent fee, usually to the developer, every time a home sells for 99 years. 

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Ohio Senate Votes To Ban Private Transfer Fees, 32-0
by Robert Franco | 2010/05/31

A private transfer fee is a covenant that crafty developers could use to require every future owner of a lot in a subdivision to pay the original developer a 1% fee every time the home sells.  Developers argue that this could provide capital for them to continue developing in a turbulent market where they can't get traditional financing.  The Ohio legislature has determined that this would be damaging to the real estate market and, thus, is working on getting them banned in Ohio.

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Robert A. Franco, J.D., LL.M.

1007 Lexington Ave.
Mansfield, OH 44907

419-524-5938 | Phone
888-764-3525 | Fax

Admitted to:

 

  • Ohio Supreme Court
  • Federal District Court - Northern and Southern Districts of Ohio
  • Bankruptcy Court - Northern and Southern Districts of Ohio
  • U.S. Court of Appeals for the 6th Circuit
  • U.S. Tax Court  

Announcements

January 2, 2014: Attorney Franco will be teaching Business Law, Real Estate Law, and Real Estate Transactions at North Central State College this Spring semester.

August 10, 2013: Attorney Franco will be teaching Business Law at North Central State College this fall semester.

August 8, 2012: Attorney Franco will be teaching Business Law at North Central State College this fall semester.

December 8, 2010:  Attorney Franco will be teaching Real Estate Law at North Central State College this winter quarter. 

June 15, 2010:  Attorney Franco was quoted in the Columbus Dispatch: Ohio outlaws real-estate transfer fee that would have benefited developers.

May 18, 2010: Attorney Franco earned his LL.M. (Master of Laws) degree in Business and Taxation from Capital University Law School.

 April 16, 2010: Attorney Franco was quoted in CommonWealth Magazine: Private developers ape BRA controversial resale fees.

March 6, 2010: Attorney Franco was quoted in the Washington Post
A new real estate cost to watch out for: Developer's private transfer fee.

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