Texas Bans Private Transfer Fees

Gov. Rick Perry signed into law legislation that bans private transfer fees to developers. With Perry’s signature, Texas joins 33 other states in banning or restricting private transfer fees.

A transfer fee is a percentage of a property’s sales price – typically 1 percent – that is remitted to a property’s original developer each time it sells.

Although not common in Texas, transfer fees are seen as a means to improve cash flow in down markets. The bill passed unanimously in the Texas Senate and 142-1 in the Texas House. Under the new legislation, new private transfer fees will not be allowed. Developers who have existing fees on properties must file a notice of the obligation in county property records by Jan. 31, 2012. Unless notice is filed and updated every three years, existing transfer fees will be voided.

Read more HERE.

Mexico Opposes Ethanol

As we’ve seen over the last few months, skyrocketing commodity prices are pushing land values to record levels. They are also squeezing cattlemen and other producers who rely on corn and other grains to fatten livestock and poultry. One of the loudest voices protesting this trend has been Texas Gov. Rick Perry, who petitioned the EPA to grant a 50 percent waiver on the 9 billion gallon corn-based Renewable Fuel Standard. Now another vocal opponent of ethanol has emerged: south of the border. Read more