Section 55-3101 – LEGISLATIVE FINDINGS.
55-3101. LEGISLATIVE FINDINGS. (1) The public policy of this state favors the transferability of interests in real property free from unreasonable restraints on alienation and covenants or servitudes that do not touch and concern the property. (2) A transfer fee covenant violates the public policy of this state by impairing the marketability of title to […]
Section 55-3102 – DEFINITIONS.
55-3102. DEFINITIONS. As used in this section: (1) "Association" means a nonprofit, mandatory membership organization comprised of owners of homes, condominiums, cooperatives, manufactured homes or any interest in real property, created pursuant to a declaration, covenant or other applicable law. (2) "Transfer" means the sale, gift, grant, conveyance, assignment, inheritance or other transfer of an […]
Section 55-3103 – REAL ESTATE TRANSFER FEES UNLAWFUL.
55-3103. REAL ESTATE TRANSFER FEES UNLAWFUL. (1) A transfer fee covenant recorded after the effective date of this section, or any lien to the extent that it purports to secure the payment of a transfer fee, is not binding upon or enforceable against the affected real property or any subsequent owner, purchaser or mortgagee of […]