Indiana § 32-21-14-2 "Transfer fee"

Indiana Statutes

§ 32-21-14-2 — "Transfer fee"

Indiana·Title 32 PROPERTY·Art. 21 CONVEYANCE PROCEDURES FOR REAL·Ch. 14 Transfer Fee Covenants

(a)As used in this chapter, "transfer fee" means a fee or charge that:

(1)is required under a transfer fee covenant; and

(2)is payable:

(A)upon the transfer of an interest in real property; or

(B)for the right to make or accept a transfer of an interest in real property; regardless of whether the fee or charge is in a fixed amount or is determined as a percentage of the value of the property, of the purchase price of the property, or of any consideration given for the transfer of the property.

(b)The term does not include any of the following:

(1)Any consideration payable by the transferee to the transferor for the interest in the real property being transferred, including any consideration payable for a separate mineral estate and its appurtenant surface access rights.

(2)Any comm

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(a) As used in this chapter, "transfer fee"
means a fee or charge that:
(1) is required under a transfer fee covenant; and
(2) is payable:
(A) upon the transfer of an interest in real property; or
(B) for the right to make or accept a transfer of an interest in
real property;
regardless of whether the fee or charge is in a fixed amount or is
determined as a percentage of the value of the property, of the purchase
price of the property, or of any consideration given for the transfer of
the property.
(b) The term does not include any of the following:
(1) Any consideration payable by the transferee to the transferor
for the interest in the real property being transferred, including
any consideration payable for a separate mineral estate and its
appurtenant surface access rights.
(2) Any commission to a real estate broker licensed under IC 25-34.1 payable:
(A) in connection with the transfer of an interest in real
property; and
(B) under an agreement between the real estate broker and the
transferor or transferee.
(3) Any interest, charges, fees, or other amounts payable by a
borrower to a lender under a loan secured by a mortgage against
an interest in real property, including the following:
(A) Any fee payable to the lender for consenting to an
assumption of the loan or to a transfer of the property interest
subject to the mortgage.
(B) Any fees or charges payable to the lender for estoppel
letters or certificates.
(C) Any other consideration allowed by law and payable to the
lender in connection with the loan.
(4) Any rent, reimbursement, charge, fee, or other amount payable
by a lessee to a lessor under a lease, including any fee payable to
the lessor for consenting to an assignment, subletting,
encumbrance, or transfer of the lease.
(5) Any consideration payable to the holder of:
(A) an option to purchase an interest in real property; or
(B) a right of first refusal or first offer to purchase an interest in
real property;
for waiving, releasing, or not exercising the option or right upon
the transfer of the property interest to another person.
(6) Any tax, fee, charge, assessment, fine, or other amount
payable to or imposed by a governmental entity.
(7) Any fee, charge, assessment, fine, or other amount payable to:
(A) a homeowners association;
(B) a condominium association;
(C) a cooperative association;
(D) a mobile home association;
(E) another property owners association; or
(F) an agent representing an association described in clauses
(A) through (E);
under a covenant, law, or contract applicable to the association.