North Carolina General Statutes 39A-4. Applicability; interpretation
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(a) This Chapter applies to (i) any transfer fee covenant that is recorded after July 1, 2010; (ii) any lien that is filed to enforce a transfer fee covenant that is recorded after July 1, 2010, or purports to secure payment of a transfer fee that is recorded after July 1, 2010; and (iii) any agreement imposing a private transfer fee obligation entered into after July 1, 2010.
(b) Nothing in this Chapter shall be interpreted to mean that a transfer fee covenant recorded prior to July 1, 2010, is valid or enforceable. ?(2010-32, s. 2; 2015-264, s. 28(a), (b).)
Terms Used In North Carolina General Statutes 39A-4
- Lien: A claim against real or personal property in satisfaction of a debt.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Transfer: means the sale, gift, conveyance, assignment, inheritance, or other transfer of an ownership interest in real property located in this State. See North Carolina General Statutes 39A-2
- Transfer fee: means a fee or charge payable upon the transfer of an interest in real property or payable for the right to make or accept such 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 North Carolina General Statutes 39A-2
- Transfer fee covenant: means a declaration or covenant purporting to affect real property 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 their successors or assigns, upon a subsequent transfer of an interest in the real property. See North Carolina General Statutes 39A-2