§ 472 — Definitions

New York § 472

• Jurisdiction: New York
• Law RPP: Real Property
• Art. 15: Prohibition and Disclosure of Private Transfer Fee Obligations

Text

§ 472. Definitions. 1. "Transfer" means the sale, gift, conveyance,\nassignment, inheritance, or other transfer of an ownership interest in\nreal property located in this state.\n 2. "Private transfer fee" means a fee, charge or any portion thereof,\nrequired by a private transfer fee obligation and payable, directly or\nindirectly, upon the transfer of an interest in real property, or\npayable for the right to make or accept such transfer, regardless of\nwhether the fee or charge is a fixed amount or is determined as a\npercentage of the value of the property, the purchase price, or other\nconsideration given for the transfer. The following are not private\ntransfer fees for purposes of this section:\n (a) Any consideration payable by the transferee to the transferor for\nthe interest in real property being transferred, including any\nsubsequent additional consideration for the property payable by the\ntransferee based upon any subsequent appreciation, development, or sale\nof the property, provided such additional consideration is payable on a\none-time basis only and the obligation to make such payment does not\nbind successors in title to the property. For the purposes of this\nsubparagraph, an interest in real property may include a separate\nmineral estate and its appurtenant surface access rights.\n (b) Any commission payable to a licensed real estate broker for the\ntransfer of real property pursuant to an agreement between the broker\nand the transferor or the transferee, including any subsequent\nadditional commission for that transfer payable by the transferor or the\ntransferee based upon any subsequent appreciation, development, or sale\nof the property.\n (c) Any interest, charges, fees, or other amounts payable by a\nborrower to a lender pursuant to a loan secured by a mortgage against\nreal property, including, but not limited to, any fee payable to the\nlender for consenting to an assumption of the loan or a transfer of the\nreal property subject to the mortgage, any fees or charges payable to\nthe lender for estoppel letters or certificates, and any shared\nappreciation interest or profit participation or other consideration and\npayable to the lender in connection with the loan.\n (d) Any rent, reimbursement, charge, fee, or other amount payable by a\nlessee to a lessor under a lease, including, but not limited to, any fee\npayable to the lessor for consenting to an assignment, subletting,\nencumbrance, or transfer of the lease.\n (e) Any consideration payable to the holder of an option to purchase\nan interest in real property or the holder of a right of first refusal\nor first offer to purchase an interest in real property for waiving,\nreleasing, or not exercising the option or right upon the transfer of\nthe property to another person.\n (f) Any tax, fee, charge, assessment, fine, or other amount payable to\nor imposed by a governmental authority.\n (g) Any fee, charge, assessment, fine, or other amount payable to a\nhomeowners', condominium, cooperative, mobile home, or property owners'\nassociation pursuant to a declaration, covenant, duly adopted by-law,\nproprietary lease or law applicable to such association, including, but\nnot limited to, fees or charges payable for estoppel letters or\ncertificates issued by the association or its authorized agent. No\namount shall be paid to a homeowners', condominium, cooperative, mobile\nhome, or property owners' association for the payment to the declarant\nof the condominium or the creator of a homeowners', cooperative, mobile\nhome or property owners' association, or their designee.\n (h) Any fee, charge, assessment, dues, contribution, or other amount\nimposed by a declaration or covenant encumbering a community, and\npayable to a not-for-profit or charitable organization for the purpose\nof supporting cultural, educational, charitable, recreational,\nenvironmental, conservation, or other similar activities benefiting the\ncommunity that is subject to the declaration or covenant.\n (i) Any fee, charge, assessment, dues, contribution, or other amount\npertaining to the purchase or transfer of a club membership relating to\nreal property owned by the member, including, but not limited to, any\namount determined by reference to the value, purchase price, or other\nconsideration given for the transfer of the real property.\n (j) Any fee, charge or assessment payable by the transferee to a\ncorporation or company formed pursuant to the private housing finance\nlaw.\n (k) Any fee, charge or assessment payable by the transferee to a\ncorporation or company that has received a loan or subsidy pursuant to\nthe private housing finance law or general municipal law.\n (l) Any amounts payable to a government entity.\n 3. "Private transfer fee obligation" means an obligation arising under\na declaration or covenant recorded against the title to real property,\nor under any other contractual agreement or promise, whether or not\nrecorded, that requires or purports to require the payment of a private\ntransfer fee to the declarant or other person specified in the\ndeclaration, covenant or agreement, or to their successors or assigns,\nupon a subsequent transfer of an interest in the real property.\n