Sec. 3. As used in this chapter, “transfer fee covenant” means a declaration or covenant, however denominated and regardless of whether it is recorded, that:

(1) purports to affect an interest in real property located in Indiana; and

(2) requires or purports to require the payment of a transfer fee to:

(A) the declarant;

(B) another person specified in the declaration or covenant; or

(C) the successors or assigns of a person described in clause (A) or (B);

upon a subsequent transfer of the interest in real property.

As added by P.L.136-2011, SEC.1.