from Wiktionary, Creative Commons Attribution/Share-Alike License
- n. The conveyance of a property back to a former owner
from the GNU version of the Collaborative International Dictionary of English
- n. Act of reconveying.
from The Century Dictionary and Cyclopedia
- n. The act of reconveying; especially, the act of transferring a title back to a former proprietor.
Sorry, no etymologies found.
The gimmick in question is called a "reconveyance fee."
One emerging area in this field is the use of private transfer fees (also called reconveyance fees) to allocate increasing development costs and fund infrastructure.
On August 12 the Federal Housing Finance Agency said it would seek to prevent Fannie Mae, Freddie Mac and the Federal Home Loan Banks from making loans to any property encumbered by a reconveyance fee.
A dozen states are now considering whether to follow the lead of North Carolina, Louisiana and 13 other states that have banned reconveyance fees outright.
The confusion over that question, says Alderman, is exactly what led him to cancel the reconveyance fee on his own home.
In an e-mail to Forbes, Alderman says the reconveyance arrangement "really is beneficial to the homeowners, the developers and to the community."
Freehold announced last week that it had "partnered with a major developer on a real estate project in Washington" state -- the name of the developer wasn't disclosed -- to put reconveyance fees on houses in a $47 million project.
So was Alderman insincere when he said Freehold didn't put reconveyance fee arrangements in place on homes that aren't part of new developments?
The question of why Alderman, the Johnny Appleseed of reconveyance fees, would exempt his own house may be of interest to lawmakers across the country as they debate whether such fees should be banned.
Yet it's not absolutely clear that reconveyance fees in residential housing sales are enforceable in the vast majority of states, where they're not expressly banned but haven't been explicitly allowed.