Loading chat...
HI HB2288
Bill
Status
6/22/2010
Primary Sponsor
Robert Herkes
Click for details
AI Summary
-
Prohibits real property deed restrictions or covenants from requiring transferees to pay fees for future property transfers, effective upon passage through June 30, 2015.
-
Exempts eight categories of permitted fees and charges: mortgage lender payments, condominium or planned community association dues, lease payments, option/right of first refusal waivers, developer payments, government entity payments, court-approved litigation settlements, and conservation management payments.
-
Voids and renders unenforceable any deed restriction, covenant, or lien created, filed, or recorded after the effective date that purports to secure payment of a prohibited transfer fee.
-
Addresses concerns that private transfer fees create prohibitive costs for homeownership, reduce property marketability, discourage buyers, and depress property values.
-
Includes a sunset provision expiring June 30, 2015.
Legislative Description
Real Property; Transfer Fees
Last Action
(S) Act 169, 6/22/2010 (Gov. Msg. No. 629).
6/22/2010