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.