Reference is to Printer's Date 01/26/2011.
Amend the bill, as and if amended, by striking all after the enacting clause and inserting:
/ SECTION 1. Chapter 1, Title 27 of the 1976 Code is amended by adding:
(A) A transfer fee covenant recorded
on or after the date of the enactment of this act must be void
and unenforceable unless, at the time the document containing
the transfer fee covenant is submitted for recording, a notice
described in subsection (b) is contemporaneously submitted for
recording in the office of the applicable county recorder.
(B) Notice required under subsection (a) shall:
(1) be titled, in boldface type, 'Payment of Transfer Fee Required';
(2) include statements of;
(a) the name or names of the owner or owners of the affected property;
(b) the legal description of the affected property;
(c) the dollar amount or, if applicable, the percentage of sales price constituting the transfer fee required to be paid under the transfer fee covenant;
(d) the method and manner of payment of the transfer fee;
(e) in the case of affected property that is residential property, actual dollar-cost examples of the amount of the transfer fee for property priced at two hundred fifty thousand dollars, five hundred thousand dollars and seven hundred fifty thousand dollars; and
(f) if applicable, the date on which, or circumstances under which, the transfer fee covenant expires.
(C) A transfer fee covenant that imposes a transfer fee of not more than one percent of the gross sales price for the affected property, effective for a term of not more than ninety-nine years, and which complies with the requirements under subsections (A) and (B) must be presumed to be valid.
(D) No property must be subject to more than one transfer fee covenant.
(E) For purposes of this section, the following definitions shall apply:
(1) The term 'affected property' means, with respect to a transfer fee covenant, the real property that is encumbered by the transfer fee covenant.
(2) The term 'applicable county recorder' means, with respect to affected property, the recorder of the county in which the affected property is located.
(3) The term ' transfer fee' means a fee, charge, or payment imposed by a covenant, restriction, or similar document filed in the applicable county recorder's office and required to be paid in connection with or as a result of a transfer of title to affected property,
but does not include fees, charges, payments, or other obligations that:
(a) are imposed by a court judgment, order, or decree;
(b) are imposed by or payable to the federal, state, or local government;
(c) arise out of a mechanic's lien;
(d) arise from an option to purchase or for waiver of the right to purchase the affected property;
(e) are payable to a homeowners association, condominium association, or similar entity for the benefit of the owners; and
(f) are imposed by or payable to lenders or purchasers of loans.
(4) The term 'transfer fee covenant' means a covenant, restriction, or agreement filed wit the office of the applicable county recorder that:
(a) affects real property; and
(b) obligates a future buyer or seller of the affected real property, other than a person who is a party to the covenant, restriction, or agreement, to pay a transfer fee." /
Renumber sections to conform.
Amend title to conform.