§ 476. Notice requirements for existing transfer fee obligations. 1. For a private transfer fee obligation imposed prior to the effective date of this section, the receiver of the fee shall record, prior to six months after the effective date of this section, against the real property subject to the private transfer fee obligation a separate document in the county records in which the real property is located that meets all of the following requirements:

(a) The title of the document shall be "Notice of Private Transfer Fee Obligation" in at least 14-point boldface type;

(b) The names of all current owners of the real property subject to the transfer fee, and the legal description and assessor's parcel number for the affected real property.

(c) The amount, if the fee is a flat amount, or the percentage of the sales price constituting the cost of the transfer fee, or such other basis by which the transfer fee is to be calculated;

(d) If the real property is residential property, actual dollar-cost examples of the transfer fee for a home priced at two hundred fifty thousand dollars ($250,000), five hundred thousand dollars ($500,000), and seven hundred fifty thousand dollars ($750,000);

(e) The date or circumstances under which the private transfer fee obligation expires, if any;

(f) The purpose for which the funds from the private transfer fee obligation will be used;

(g) The name of the person or entity to which funds are to be paid and specific contact information regarding where the funds are to be sent;

(h) The acknowledged signature of the receiver of the fee; and

(i) The legal description of the real property burdened by the private transfer fee obligation. 2. The person or entity to which the transfer fee is to be paid may file an amendment to the notice of transfer fee containing new contact information, but such amendment must contain the recording information of the notice of transfer fee which it amends and the legal description of the property burdened by the private transfer fee obligation. 3. If the receiver of the fee fails to comply fully with subdivision one of this section, the transferor of any real property burdened by the private transfer fee obligation may proceed with the conveyance of any interest in the real property to any transferee and in so doing shall be deemed to have acted in good faith and shall not be subject to any obligations under the private transfer fee obligation. In such event, the real property thereafter shall be conveyed free and clear of such transfer fee and private transfer fee obligation. 4. Should the receiver of the fee fail to provide a written statement of the transfer fee payable within thirty days of the date of a written request for the same sent to the address shown in the notice of transfer fee, then the transferor, on recording of the affidavit required under subdivision five of this section, may convey any interest in the real property to any transferee without payment of the transfer fee and shall not be subject to any further obligations under the private transfer fee obligation. In such event the real property shall be conveyed free and clear of the transfer fee and private transfer fee obligation. 5. An affidavit stating the facts enumerated under subdivision six of this section shall be recorded in the office of the county clerk and recorder in the county in which the real property is situated prior to or simultaneously with a conveyance pursuant to subdivision four of this section of real property unburdened by a private transfer fee obligation. An affidavit filed under this subdivision shall state that the affiant has actual knowledge of, and is competent to testify to, the facts in the affidavit and shall include the legal description of the real property burdened by the private transfer fee obligation, the name of the person appearing by the record to be the owner of such real property at the time of the signing of such affidavit, a reference (by recording information) to the instrument of record containing the private transfer fee obligation and an acknowledgment that the affiant is testifying under penalty of perjury. 6. When recorded, an affidavit as described in subdivision five of this section shall constitute conclusive evidence that:

(a) A request for the written statement of the transfer fee payable in order to obtain a release of the fee imposed by the private transfer fee obligation was sent to the address shown in the notification; and

(b) The entity listed on the notice of transfer fee failed to provide the written statement of the transfer fee payable within thirty days of the date of the notice sent to the address shown in the notification.