Resale Fees That Only Developers Could Love

I can't believe the buyers mentioned in the Times article.

in NYC, reading the house rules is pretty much part of the application process, so it's automatic -- but it's absurd to think that anyone buying into a subdivision outside NYC didn't bother to read their CC&R, whether it was presented at closing or not.

ali r.
DG Neary Realty

Flip taxes are no fun for anyone, however, they help the building in a tremendous way by allowing them to build their reserves when apartments change hands. Get rid of them and the building will just charge you more common charges and maintenance in order to make sure the building can run smoothly.

When I read this article, I thought of how my parents bought their house from a developer and how crazy it would be if the new owners who bought it from them 35 years later had to pay a "resale fee" to the developer. 99 years is a long time for a developer's fee - maybe 5 years max. or better yet no resale fee at all.

I don't see anything wrong with this as long as they make it crystal clear, but of course they won't.
This theoretically give the buyer a better deal at the beginning so it's at least better than tax abatements which hits the buyer at the beginning and at the end.