Industry News
March 16, 2010
ALTA Opposes Transfer Fee Covenants
The ALTA has voted to oppose Private Transfer Fee (PDF) covenants. The vote corresponds to the release of an ALTA report highlighting the negative impact of the fees.
The California legislature has already restricted the creation and enforcement of the transfer fee covenants according to CLTA Executive Vice President Craig Page. The CLTA and CAR worked together on a law passed in 2007 requiring explicit disclosure of PTF covenants to all concerned parties by the placement of a document indicating “payment of transfer fee required” in the public record.
