470 – Short Title.

§ 470. Short title. This article shall be known and may be cited as the “private transfer fee obligation act.”

471 – Intent.

§ 471. Intent. The legislature finds and declares that the public policy of this state favors the marketability of real property and the transferability of interests in real property free of title defects or unreasonable restraints on alienation. The legislature further finds and declares that private transfer fee obligations violate this public policy by impairing […]

472 – Definitions.

§ 472. Definitions. 1. “Transfer” means the sale, gift, conveyance, assignment, inheritance, or other transfer of an ownership interest in real property located in this state. 2. “Private transfer fee” means a fee, charge or any portion thereof, required by a private transfer fee obligation and payable, directly or indirectly, upon the transfer of an […]

473 – Prohibition.

§ 473. Prohibition. A private transfer fee obligation recorded or entered into in this state on or after the effective date of this section does not run with the land and is not binding on or enforceable at law or in equity against any owner, purchaser, or mortgagee of any interest in real property as […]

474 – Liability for Violation.

§ 474. Liability for violation. Any person who records or enters into an agreement imposing a private transfer fee obligation in their favor or in the favor of a third party after the effective date of this section shall be liable for (1) any and all damages resulting from the imposition of the transfer fee […]

475 – Disclosure.

§ 475. Disclosure. Prior to the signing by the buyer of a binding contract for the sale of real property, the seller shall furnish to any purchaser a written statement disclosing the existence of any private transfer fee obligation. This written statement shall include a description of the private transfer fee obligation and include a […]

476 – Notice Requirements for Existing Transfer Fee Obligations.

§ 476. Notice requirements for existing transfer fee obligations. 1. For a private transfer fee obligation imposed prior to the effective date of this section, the receiver of the fee shall record, prior to six months after the effective date of this section, against the real property subject to the private transfer fee obligation a […]