Form and Effect of Conveyances
§ 34-11-42 Transfer fees prohibited.
No person or business entity who sells real property shall charge, collect,
receive, or be entitled to a fee based solely on the subsequent resale or
transfer of said property. This prohibition includes, but is not limited to,
fees or charges imposed by a real estate developer based upon the subsequent
resale or transfer of said real property. Any housing development that is
covered by the definition in subdivision 45-53-3(9) is exempt from this
section. Further, any fee or charge connected with the transfer of properties
with a conservation restriction as defined in subsection 34-39-2(a) is exempt
from the provisions of this section. Further, community associations,
including, but not limited to, condominium associations, homeowners
associations and cooperative associations, are exempt from this section. Any
covenant recorded on or after July 1, 2012, imposing any charge or fee
inconsistent with this section shall be void and unenforceable against any
subsequent owner, purchaser or mortgagee.
History of Section.
(P.L. 2012, ch. 274, § 1; P.L. 2012, ch. 286, § 1.)