ND SB2149

Prohibits private transfer fee obligations recorded or entered in North Dakota on or after the effective date from running with title to real property or being enforceable against subsequent owners, declaring all such new obligations void and unenforceable.

Excludes from the definition of "private transfer fee" various payments including real estate broker commissions, mortgage-related fees, lease payments, homeowners association fees, governmental taxes and assessments, and club membership fees.

Imposes liability on any person recording a private transfer fee obligation in their favor after the effective date, requiring them to pay all damages, attorney's fees, and costs incurred by parties to the transfer or mortgagees.

Requires property sellers to furnish purchasers with written disclosure statements describing any existing private transfer fee obligations and noting they are subject to chapter prohibitions.

Mandates that fee recipients record a "Notice of Private Transfer Fee Obligation" by December 31, 2011, containing fee amount, dollar-cost examples for residential property at three price points, expiration date, fund usage purpose, and payee contact information, or the obligation becomes unenforceable.