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Section: 442.0558 Transfer fee covenants not to run with title to real property--lien void, when. RSMO 442.558


Published: 2015

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Missouri Revised Statutes













Chapter 442

Titles and Conveyance of Real Estate

←442.557

Section 442.558.1

442.560→

August 28, 2015

Transfer fee covenants not to run with title to real property--lien void, when.

442.558. 1. As used in this section, the following terms shall mean:



(1) "Transfer", the sale, gift, conveyance, assignment, inheritance, or

other transfer of ownership interest in real property located in this state;



(2) "Transfer fee", a fee or charge payable upon the transfer of an

interest in real property, or payable for the right to make or accept such

transfer, regardless of whether the fee or charge is a fixed amount or is

determined as a percentage of the value of the property, the purchase price,

or other consideration given for the transfer. "Transfer fee" shall not

include the following:



(a) Any consideration payable by the grantee to the grantor for the

interest in real property being transferred;



(b) Any commission payable to a licensed real estate broker for the

transfer of real property under an agreement between the broker and the

grantor or the grantee;



(c) Any interest, charges, fees, or other amounts payable by a borrower

to a lender under a loan secured by a mortgage against real property,

including but not limited to any fee payable to the lender for consenting to

an assumption of the loan or a transfer of the real property subject to the

mortgage, any fees or charges payable to the lender for estoppel letters or

certificates, and any other consideration allowed by law and payable to the

lender in connection with the loan;



(d) Any rent, reimbursement, charge, fee, or other amount payable by a

lessee to a lessor under a lease, including but not limited to any fee

payable to the lessor for consenting to an assignment, subletting,

encumbrance, or transfer of the lease;



(e) Any consideration payable to the holder of an option to purchase an

interest in real property or the holder of a right of first refusal or first

offer to purchase an interest in real property for waiving, releasing, or not

exercising the option or right upon the transfer of the property to another

person;



(f) Any tax, fee, charge, assessment, fine, or other amount payable to

or imposed by a governmental authority;



(3) "Transfer fee covenant", a declaration or covenant purporting to

affect real property which requires or purports to require the payment of a

transfer fee to the declarant or other person specified in the declaration or

covenant or to their successors or assigns upon a subsequent transfer of an

interest in the real property.



2. A transfer fee covenant recorded in this state on or after September

1, 2008, shall not run with the title to real property and is not binding on

or enforceable at law or in equity against any subsequent owner, purchaser,

or mortgagee of any interest in real property as an equitable servitude or

otherwise. Any lien purporting to secure the payment of a transfer fee under

a transfer fee covenant recorded in this state on or after September 1, 2008,

is void and unenforceable.



(L. 2008 S.B. 907)







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