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382.792 Definitions for KRS 382.792 to 382.796.
As used in KRS 382.792 to 382.796:
(1) "Payee" means the person or entity who claims the right to receive or collect a
private transfer fee payable under a private transfer obligation;
(2) "Private 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 the transfer,
regardless of whether the fee or charge is a fixed amount or is stated as a
percentage of the value of the property, the purchase price, or other
consideration given for the transfer. A private transfer fee shall not include:
(a) Any consideration payable by the grantee to the grantor for the interest in
real property being transferred, including any subsequent additional
consideration for the property payable by the grantee based upon any
subsequent appreciation, development, or sale of the property if such
additional consideration is payable on a one (1) time basis only and the
obligation to make such payment does not bind successors in title to the
property. For the purposes of this paragraph, an interest in real property
may include a separate mineral estate and its appurtenant surface access
rights;
(b) Any commission payable to a licensed real estate broker for the transfer
of real property pursuant to an agreement between the broker and the
grantor or the grantee, including but not limited to any subsequent
additional commission for that transfer payable by the grantor or the
grantee based upon any subsequent appreciation, development, or sale
of the property;
(c) Any interest, charges, fees, or other amounts payable by a borrower to a
lender pursuant to a loan secured by a mortgage against real property,
including but not limited to any fee payable to the lender for consenting to
an assumption of the loan or a transfer of the real property subject to the
mortgage, any fees or charges payable to the lender for estoppel letters
or certificates, and any shared appreciation interest or profit participation
or other consideration and payable to the lender in connection with the
loan;
(d) Any rent, reimbursement, charge, fee, or other amount payable by a
lessee to a lessor under a lease, including but not limited to any fee
payable to the lessor for consenting to an assignment, subletting,
encumbrance, or transfer of the lease;
(e) Any consideration payable to the holder of an option to purchase an
interest in real property or the holder of 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 real property to
another person;
(f) Any tax, fee, charge, assessment, fine, or other amount payable to or
imposed by a governmental authority;
(g) Any fee, charge, assessment, dues, fine, contribution, or other amount
payable to a homeowners', condominium, cooperative, mobile home, or
property owners' association pursuant to a declaration or covenant or law
(3)
(4)
applicable to such association, including but not limited to fees or charges
payable for estoppel letters or certificates issued by the association or its
authorized agent;
(h) Any fee, charge, assessment, dues, fine, contribution, or other amount
imposed by a declaration or covenant encumbering real property, and
payable solely to a nonprofit or charitable organization for the purpose of
supporting cultural, educational, charitable, recreational, environmental,
conservation, or other similar activities benefiting the real property subject
to the declaration or covenant or the community in which the real property
is located; and
(i) Any fee, charge, assessment, dues, fine, contribution, or other amount
pertaining solely to the purchase or transfer of a club membership relating
to real property owned by the member, including but not limited to any
amount determined by reference to the value, purchaser price, or other
consideration given for the transfer of the real property;
"Private transfer fee obligation" means an obligation arising under a declaration
or covenant recorded against the title to real property or under any other
contractual agreement or promise, whether or not recorded, that requires or
purports to require the payment of a private transfer fee upon a subsequent
transfer of an interest in real property; and
"Transfer" means the sale, gift, conveyance, assignment, inheritance, or other
transfer of an ownership interest in real property.
Effective:April 11, 2012
History: Created 2012 Ky. Acts ch. 118, sec. 1, effective April 11, 2012.
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