565.891 Definitions. Sec. 1. As used in this act: (a) “Transfer fee” means a fee or charge payable upon the subsequent sale, gift, conveyance, assignment, inheritance, or other transfer of an ownership interest in residential real property located in this state, or payable for the right to make or accept such a transfer, regardless of […]
565.892 Transfer fee covenant; effect. Sec. 2. A transfer fee covenant that is executed on or after the effective date of this section, whether or not recorded, does not run with the title to real property and is not binding on or enforceable against any subsequent owner, purchaser, or mortgagee of any interest in the […]
565.893 Lien as void. Sec. 3. Any lien purporting to secure the payment of a transfer fee under a transfer fee covenant that is executed on or after the effective date of this section is void. History: 2011, Act 35, Imd. Eff. May 24, 2011
565.894 Action to clear title; other equitable relief; attorney fees and costs. Sec. 4. (1) Any person aggrieved by the imposition of a transfer fee, whether the original or subsequent transferee or purchaser, may bring an action to clear the title and void the transfer fee and for other equitable relief. (2) In a successful […]
