39A-1. Public policy. (a) The public policy of this State favors the marketability of real property and the transferability of interests in real property free from title defects, unreasonable restraints on alienation, and covenants or servitudes that do not touch and concern the property. (b) A transfer fee covenant violates this public policy by impairing […]
39A-2. Definitions. As used in this Chapter: (1) "Transfer" means the sale, gift, conveyance, assignment, inheritance, or other transfer of an ownership interest in real property located in this State. (2) "Transfer fee" means a fee or charge payable upon the transfer of an interest in real property or payable for the right to make […]
39A-3. Transfer fee covenants prohibited. (a) Any transfer fee covenant or any lien that is filed to enforce a transfer fee covenant or purports to secure payment of a transfer fee, shall not run with the title to real property and is not binding on or enforceable at law or in equity against any subsequent […]
39A-4. Applicability; interpretation. (a) This Chapter applies to (i) any transfer fee covenant that is recorded after July 1, 2010; (ii) any lien that is filed to enforce a transfer fee covenant that is recorded after July 1, 2010, or purports to secure payment of a transfer fee that is recorded after July 1, 2010; […]
