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IC 32-21-14-1
"Transfer"
Sec. 1. As used in this section, "transfer" means the transfer of an
interest in real property located in Indiana by:
(1) sale;
(2) gift;
(3) conveyance;
(4) assignment;
(5) inheritance; or
(6) other means of transfer.
As added by P.L.136-2011, SEC.1.
IC 32-21-14-2
"Transfer fee"
Sec. 2. (a) As used in this section, "transfer fee" means a fee or
charge that:
(1) is required under a transfer fee covenant; and
(2) is payable:
(A) upon the transfer of an interest in real property; or
(B) for the right to make or accept a transfer of an interest in
real property;
regardless of whether the fee or charge is in a fixed amount or is
determined as a percentage of the value of the property, of the
purchase price of the property, or of any consideration given for the
transfer of the property.
(b) The term does not include any of the following:
(1) Any consideration payable by the transferee to the transferor
for the interest in the real property being transferred, including
any consideration payable for a separate mineral estate and its
appurtenant surface access rights.
(2) Any commission to a real estate broker or salesperson
licensed under IC 25-34.1 payable:
(A) in connection with the transfer of an interest in real
property; and
(B) under an agreement between the real estate broker or
salesperson and the transferor or transferee.
(3) Any interest, charges, fees, or other amounts payable by a
borrower to a lender under a loan secured by a mortgage against
an interest in real property, including the following:
(A) Any fee payable to the lender for consenting to an
assumption of the loan or to a transfer of the property
interest subject to the mortgage.
(B) Any fees or charges payable to the lender for estoppel
letters or certificates.
(C) Any other consideration allowed by law and payable to
the lender in connection with the loan.
(4) Any rent, reimbursement, charge, fee, or other amount
payable by a lessee to a lessor under a lease, including any fee
payable to the lessor for consenting to an assignment,
subletting, encumbrance, or transfer of the lease.
(5) Any consideration payable to the holder of:
(A) an option to purchase an interest in real property; or
(B) 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 interest to another person.
(6) Any tax, fee, charge, assessment, fine, or other amount
payable to or imposed by a governmental entity.
(7) Any fee, charge, assessment, fine, or other amount payable
to:
(A) a homeowners association;
(B) a condominium association;
(C) a cooperative association;
(D) a mobile home association;
(E) another property owners association; or
(F) an agent representing an association described in clauses
(A) through (E);
under a covenant, law, or contract applicable to the association.
As added by P.L.136-2011, SEC.1.
IC 32-21-14-3
"Transfer fee covenant"
Sec. 3. As used in this chapter, "transfer fee covenant" means a
declaration or covenant, however denominated and regardless of
whether it is recorded, that:
(1) purports to affect an interest in real property located in
Indiana; and
(2) requires or purports to require the payment of a transfer fee
to:
(A) the declarant;
(B) another person specified in the declaration or covenant;
or
(C) the successors or assigns of a person described in clause
(A) or (B);
upon a subsequent transfer of the interest in real property.
As added by P.L.136-2011, SEC.1.
IC 32-21-14-4
Transfer fee covenants; not binding or enforceable; lien to secure
payment void and unenforceable; no presumption of validity
Sec. 4. (a) A transfer fee covenant recorded in Indiana after June
30, 2011:
(1) does not run with the title of the interest in real property the
transfer fee covenant purports to affect; and
(2) is not binding or enforceable at law or in equity, as an
equitable servitude or otherwise, against any subsequent owner,
purchaser, or mortgagee of the interest in the real property the
transfer fee covenant purports to affect.
(b) Any lien purporting to secure the payment of a transfer fee
payable under a transfer fee covenant recorded in Indiana after June
30, 2011, is void and unenforceable.
(c) A:
(1) transfer fee covenant; or
(2) lien purporting to secure the payment of a transfer fee
payable under a transfer fee covenant;
recorded in Indiana before July 1, 2011, is not presumed to be valid
and enforceable.
As added by P.L.136-2011, SEC.1.