Posted by Bradford Miller Law, P.C.
Gov. Quinn has signed into law Public Act 96-1345, which creates the Transfer Fee Covenant Act. The law, which does not go into effect until Jan. 1, 2011 declares private transfer fee covenants, which would require future buyers or sellers to pay a private transfer fee to whoever is designated in the covenant on all future transfers, to be invalid and against public policy. These are also known as "home resale fees."
Bradford Miller Law, P.C. is a law firm based in Chicago, IL. Bradford Miller Law, P.C. regularly handles matters in the areas of Real Estate, Landlord/Tenant law, and Estate Planning. For a free consultation, call the office at 312-238-9298.
