Common use of Transfer Fee for For-Sale units Clause in Contracts

Transfer Fee for For-Sale units. As a condition of the approval of this Agreement, the Developer agrees that there shall be a transfer fee (the “Transfer Fee”) imposed by the Town upon the sale or resale of residential units excepting designated affordable units within the Property. The Transfer Fee shall be 1% of the sales price. The Transfer Fee shall be put into a fund and held by the agency administering the affordable homeownership units to offset the expenses it incurs in stewarding and managing the affordable units. Management duties covered by this fee include: Collection of Transfer Fees and management of the Transfer Fee Fund; Direct project management assistance to owners of affordable units in making major repairs and upfits to their units; Technical assistance to owners of affordable units who experience financial difficulties, in order to prevent foreclosures; Management of property tax assessments and bills for the affordable units, which undergo a unique process designed for leasehold properties; Intervention in and mitigation of any nuisance or criminal behavior that might occur in the affordable units; Assistance in resolving disputes between owners of affordable units home owners association; and Collection and management of fee which pays for long term, major maintenance of the units.

Transfer Fee for For-Sale units. As a condition of the approval of this Agreement, the Developer agrees that there shall be a transfer fee (the “Transfer Fee”) imposed by the Town upon the sale or resale of residential units excepting designated affordable units within the Developed Property. The Transfer Fee shall be 1% of the sales price. The Transfer Fee shall be put into a fund and held by the agency administering the affordable homeownership units to offset the expenses it incurs in stewarding and managing the affordable units. Management duties covered by this fee include: Collection of Transfer Fees and management of the Transfer Fee Fund; Direct project management assistance to owners of affordable units in making major repairs and upfits to their units; Technical assistance to owners of affordable units who experience financial difficulties, in order to prevent foreclosures; Management of property tax assessments and bills for the affordable units, which undergo a unique process designed for leasehold properties; Intervention in and mitigation of any nuisance or criminal behavior that might occur in the affordable units; Assistance in resolving disputes between owners of affordable units home owners association; and Collection and management of fee which pays for long term, major maintenance of the units.