TITLE 34

Property

CHAPTER 34-11

Form and Effect of Conveyances

SECTION 34-11-42

§ 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.)