As part of their brief return to the Statehouse this week, members of the South Carolina House have voted not to concur with a Senate amendment that would have created transfer fees in real estate deals to benefit developers. According to the proposal, every time a piece of property would be sold, for a period of 99 years following a transaction, one percent of the sale price would be required to be sent back to the property developer.
Horry County Republican Alan Clemmons was clearly not fond of the idea.
The House vote was 109-3 against the Senate amendment. The transfer fee deed covenant has been banned in nine states. Realtors associations have given it a thumbs down.
Charleston Republican Chip Limehouse was in favor of the fee. He said he and other realtors he knew were in favor of the proposal.