HOAs/Condominiums Want to Know: What is a Transfer Fee in North Carolina?

A common question that we get from developers, managers, and HOA Boards is “what exactly is a transfer fee?”  Although the term “transfer fee” is often used loosely to mean several different things, state statute defines the term generally to mean “a fee or charge payable upon the transfer of an interest in real property.” In other words, it is a fee charged when property is transferred from one party to another. North Carolina law now prohibits transfer fee covenants. Specifically prohibited are covenants that require the payment of a transfer fee to a developer or other person upon a subsequent transfer of the property.     Read the article…………….


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