Chapter 286

2012 -- H 7082 SUBSTITUTE A

Enacted 06/19/12

A N A C T

RELATING TO REAL PROPERTY - TRANSFER FEES

Introduced By: Representatives Gallison, Silva, Serpa, Morrison, and Malik

Date Introduced: January 11, 2012

It is enacted by the General Assembly as follows:

SECTION 1. Chapter 34-11 of the General Laws entitled "Form and Effect of

Conveyances" is hereby amended by adding thereto the following section:

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.

SECTION 2. This act shall take effect upon passage.

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LC00272/SUB A

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