Terms Used In Michigan Laws 565.883

• Lien: A claim against real or personal property in satisfaction of a debt.
• Transfer fee: means a fee or charge payable upon the subsequent sale, gift, conveyance, assignment, inheritance, or other transfer of an ownership interest in nonresidential real property located in this state, or payable for the right to make or accept such a 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. See Michigan Laws 565.881
• Transfer fee covenant: means a declaration or covenant that 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 that person's successors or assigns. See Michigan Laws 565.881