Louisiana Revised Statutes 9:3132 – Definitions
Terms Used In Louisiana Revised Statutes 9:3132
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Private transfer fee: means a fee or charge required by a private transfer fee obligation and payable upon the transfer of an interest in an immovable, or payable for the right to make or accept such transfer, regardless of whether the fee or charge is a fixed amount or is determined as a percentage of the value of the immovable, the purchase price, or other consideration given for the transfer. See Louisiana Revised Statutes 9:3132
- Transfer: means the sale, donation, conveyance, assignment, inheritance, or other transfer of an ownership interest in an immovable located in this state. See Louisiana Revised Statutes 9:3132
As used in this Chapter:
(1) “Private transfer fee” means a fee or charge required by a private transfer fee obligation and payable upon the transfer of an interest in an immovable, or payable for the right to make or accept such transfer, regardless of whether the fee or charge is a fixed amount or is determined as a percentage of the value of the immovable, the purchase price, or other consideration given for the transfer. “Private transfer fee” shall not include the following:
(a) Any consideration payable by the buyer to the seller for the interest in the immovable being transferred, including any subsequent additional consideration for the immovable payable by the buyer based upon any subsequent appreciation, development, or sale of the immovable, provided such additional consideration is payable on a one-time basis only and the obligation to make such payment does not bind successors in title to the immovable.
(b) Any commission payable to a licensed real estate broker for the transfer of an immovable pursuant to an agreement between the broker and the seller or the buyer, including any subsequent additional commission for that transfer payable by the seller or the buyer based upon any subsequent appreciation, development, or sale of the immovable.
(c) Any interest, charges, fees, or other amounts payable by a borrower to a lender pursuant to a loan secured by a mortgage against an immovable, including but not limited to any fee payable to the lender for consenting to an assumption of the loan or a transfer of the immovable 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 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 an immovable or the holder of a right of first refusal or first offer to purchase an interest in an immovable for waiving, releasing, or not exercising the option or right upon the transfer of the immovable 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, fine, or other amount authorized under Louisiana Condominium Act, La. Rev. Stat. 9:1121.101 et seq.; the Louisiana Timesharing Act, La. Rev. Stat. 9:1131.1 et seq.; or the Louisiana Homeowners Association Act, La. Rev. Stat. 9:1141.1 et seq.
(2) “Private transfer fee obligation” means any obligation arising under any recorded or unrecorded declaration or agreement, whether or not purporting to create a servitude, building restriction or other real right, to pay a private transfer fee to a party to the declaration or agreement, or his successors or assigns, or a third person upon a subsequent transfer of an interest in the immovable.
(3) “Transfer” means the sale, donation, conveyance, assignment, inheritance, or other transfer of an ownership interest in an immovable located in this state.
Acts 2010, No. 938, §1, eff. July 2, 2010.