Rhode Island General Laws 34-11-42. Transfer fees prohibited
No person or business entity who sells real property shall charge, collect, receive, or be entitled to a fee based solely on the subsequent resale or transfer of said property. This prohibition includes, but is not limited to, fees or charges imposed by a real estate developer based upon the subsequent resale or transfer of said real property. Any housing development that is covered by the definition in § 45-53-3(9) is exempt from this section. Further, any fee or charge connected with the transfer of properties with a conservation restriction as defined in § 34-39-2(a) is exempt from the provisions of this section. Further, community associations, including, but not limited to, condominium associations, homeowners associations and cooperative associations, are exempt from this section. Any covenant recorded on or after July 1, 2012, imposing any charge or fee inconsistent with this section shall be void and unenforceable against any subsequent owner, purchaser or mortgagee.
History of Section.
P.L. 2012, ch. 274, § 1; P.L. 2012, ch. 286, § 1.
Terms Used In Rhode Island General Laws 34-11-42
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
- real estate: may be construed to include lands, tenements, and hereditaments and rights thereto and interests therein. See Rhode Island General Laws 43-3-10
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.