Patently stupid

Posted on By Gorn

Patently stupid


First, let's address the simple question, is such a covenant even enforceable? Instead of developers, for example, trying to recoup infrastructure costs upfront with the sale of each lot, they could sell at a slightly lower price with the 1 percent fee covenant recorded with the sale. This is like a pyramid scheme in real estate. Consider the property owner who unknowingly buys property encumbered with such a covenant. Second, there is a larger problem with these types of patents that lawyers should be concerned about.

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Patently stupid. Patently stupid.

Patently stupid


First, let's address the simple question, is such a covenant even enforceable? Instead of developers, for example, trying to recoup infrastructure costs upfront with the sale of each lot, they could sell at a slightly lower price with the 1 percent fee covenant recorded with the sale. This is like a pyramid scheme in real estate. Consider the property owner who unknowingly buys property encumbered with such a covenant. Second, there is a larger problem with these types of patents that lawyers should be concerned about. Patently stupid

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3 thoughts on “Patently stupid”

  1. How will this fit in with the industry's dependence on short searches? Future transactions which may not repeat the covenant language on the new deed, and, could potentially be missed on a short search.

  2. Tax strategies have been patented in the past - more than 52 of them have been issued and many more are pending. Then every buyer would pay a transfer fee to a closing agent who would distribute the proceeds to various parties, including the developer — unless the developer removes the covenant or buyers negotiate to pay it off.

  3. He is chairman of the legislative review committee of the Bar's Real Property section and helped draft the proposed legislation. Hopefully, these states and others will pass legislation to protect homeowners and our already suffering real estate markets from these covenants requiring payment of private transfer fees.

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