§ 473 — Prohibition

§ 473. Prohibition. A private transfer fee obligation recorded or\nentered into in this state on or after the effective date of this\nsection does not run with the land and is not binding on or enforceable\nat law or in equity against any owner, purchaser, or mortgagee of any\ninterest in real property as an equitable servitude or otherwise. Any\nprivate transfer fee obligation that is recorded or entered into in this\nstate on or after the effective date of this section is void and\nunenforceable. This section shall not apply to a private transfer fee\nobligation recorded or entered into prior to the effective date of this\nsection. This section shall not be deemed to require that a private\ntransfer fee obligation recorded, filed or entered into in this state\nbefore the effective date of this section is presumed valid and\nenforceable. It is the public policy of this state that no private\ntransfer fee obligation shall be valid or enforceable whenever entered\ninto, recorded or filed. Furthermore, this article shall not validate\nany private transfer fee agreement that is contrary to the law of this\nstate.\n