We All Need Free Money For 99 Years

In some parts of the country it has been a practice of some HOA and Condo Associations to collect a “resale fee”, now sometimes called a “flip fee”. Basically the current seller of a unit in these Associations had to pay a fee (typically 1%) every time the property sold. This fee went to the common area maintenance which kept the monthly fees down in theory.

Now builders have decided this is a good idea and in some parts of the country have been implementing the same type fee. Everytime the house is sold the seller must pay the builder a “flip fee”. This goes on for 99 years. The funds go straight to the builder and in no way benefits the neighborhood. It is just residual income to the builder for his life and the life of his heirs.

We all need a deal like that. Fortunately it hasn’t caught on in Kentucky.