(a)As used in this chapter:
(i)"Transfer" means the sale, gift, conveyance,
assignment, inheritance or other transfer of an ownership
interest in real property located in this state;
(ii)"Private transfer fee" means a fee or charge
payable upon the transfer of an interest in real property, or
payable for the right to make or accept the transfer, regardless
of whether the fee or charge is a fixed amount or is determined
as a percentage of the value of the property, the purchase price
or other consideration given for the transfer. "Private
transfer fee" shall not include the following:
(A)Any consideration payable by the grantee to
the grantor for the interest, in real property being
transferred, including any subsequent additional consideration
for the property payable by the grantee ba
Free access — add to your briefcase to read the full text and ask questions with AI
(a) As used in this chapter:
(i) "Transfer" means the sale, gift, conveyance,
assignment, inheritance or other transfer of an ownership
interest in real property located in this state;
(ii) "Private transfer fee" means a fee or charge
payable upon the transfer of an interest in real property, or
payable for the right to make or accept the transfer, regardless
of whether the fee or charge is a fixed amount or is determined
as a percentage of the value of the property, the purchase price
or other consideration given for the transfer. "Private
transfer fee" shall not include the following:
(A) Any consideration payable by the grantee to
the grantor for the interest, in real property being
transferred, including any subsequent additional consideration
for the property payable by the grantee based upon any
subsequent appreciation, development, lease or sale of the
separate mineral estate and its appurtenant surface access
rights;
(B) Any consideration payable by the grantee to
the grantor for the interest in real property, other than a
mineral estate and its appurtenant surface access rights, being
transferred, including any subsequent additional consideration
for the property payable by the grantee based upon any
subsequent appreciation, development or sale of the property,
provided the additional consideration is payable on a one (1)
time basis only and the obligation to make the payment does not
bind successors in title to the property;
(C) Any commission payable to a licensed real
estate broker for the transfer of real property pursuant to an
agreement between the broker and the grantor or the grantee,
including any subsequent additional commission for that transfer
payable by the grantor or the grantee based upon any subsequent
appreciation, development or sale of the property;
(D) Any interest, charges, fees or other amounts
payable by a borrower to a lender pursuant to a loan secured by
a mortgage against real property, including, but not limited to,
any fee payable to the lender for consenting to an assumption of
the loan or a transfer of the real property subject to the
mortgage, any fees or charges payable to the lender for estoppel
letters or certificates and any other consideration allowed by
law and payable to the lender in connection with the loan;
(E) Any rent, reimbursement, charge, fee or
other amount payable by a lessee to a lessor under a lease,
including, but not limited to, any fee payable to the lessor for
consenting to an assignment, subletting, encumbrance or transfer
of the lease;
(F) Any consideration payable to the holder of
an option to purchase an interest in real property or the holder
of 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
to another person;
(G) Any tax, fee, charge, assessment, fine or
other amount payable to or imposed by a governmental authority;
(H) Any fee, charge, assessment, fine or other
amount payable to a homeowners', condominium, cooperative,
mobile home or property owners' association or to a nonprofit
land trust pursuant to a declaration or covenant or law
applicable to the association or nonprofit land trust;
(J) Any fee, charge, assessment, dues,
contribution or other amount pertaining to the purchase or
transfer of a club membership relating to real property owned by
the member, including, but not limited to, any amount determined
by reference to the value, purchase price or other consideration
given for the transfer of the real property;
(K) Any fee, charge, assessment, contribution or
other amount imposed by the holder of a recorded conservation
easement that is designated to compensate the holder for the
cost of ensuring compliance with the terms of the easement. The
fee, charge, assessment, contribution or other amount may be
determined by reference to the value, purchase price or other
consideration given for the transfer of the real property.
(iii) "Private transfer fee obligation" means an
obligation arising under a declaration or covenant purporting to
affect real property that requires or purports to require the
payment of a private transfer fee to the declarant or other
person specified in the declaration, covenant or agreement, or
to their successors or assigns, upon a subsequent transfer of an
interest in the real property.