Section 43-4-48 - Private transfer fee obligation defined

43-4-48. Private transfer fee obligation defined.For the purposes of §§43-4-47 to 43-4-57, inclusive, the term, 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 to the declarant or other person specified in the declaration, covenant, or agreement, or to any successor or assign, upon a subsequent transfer of an interest in the real property. Source: SL 2011, ch 196, §3.