ALTA Applauds Ohio Gov. for Banning Wall Street Home Resale

Fee In an effort to protect homeowners across the state, Ohio Gov. Ted Strickland recently signed House Bill (HB) 292, which places a ban on Wall Street Home Resale Fees, also known as “private transfer fee covenants.” The American Land Title Association (ALTA) praised Gov. Strickland for taking such swift action to sign this bill. The Washington, D.C.-based trade association said it has worked with several organizations to fight this dangerous scheme that steals home equity, lowers home resale values, and adds another layer of difficulty to selling a home. “Gov. Strickland stood up for Ohio homeowners by outlawing Wall Street Home Resale Fees,” said Kurt Pfotenhauer, CEO of ALTA. “There was a broad coalition of organizations – including the Ohio Land Title Association, Ohio State Bar Association, Ohio Association of Realtors, and Ohio Bankers League – who saw the danger this hidden financial burden places on homebuyers. ALTA is stressing the importance of organizations taking quick action to protect homebuyers.”

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