43-4-51. Disclosure of private transfer fee obligations.
Private transfer fee obligations shall be disclosed as follows:
(1)For transfers of real property subject to the disclosure requirements contained in §§43-4-38 to 43-4-44, inclusive, disclosure of any private transfer fee obligations shall be made using the property condition disclosure statement set forth in §43-4-44;
(2)For transfers of real property not subject to the disclosure requirements contained in §§43-4-38 to 43-4-44, inclusive, each seller of real property shall furnish to any purchaser a written statement disclosing the existence of any private transfer fee obligation. This written statement shall include a description of the private transfer fee obligation and include a statement that private transfer fee obligations are subject to certain prohibitions pursuant to §§43-4-46 to 43-4-57, inclusive. The written document must contain a statement with the following language:
A private transfer fee obligation has been imposed with respect to this property. A private transfer obligation may lower the value of this property. State law prohibits the creation of private transfer fee obligations pursuant to §43-4-49 and requires certain notice procedures to be followed with respect to private transfer fee obligations pursuant to §§43-4-52 to 43-4-57, inclusive.
Source: SL 2011, ch 196, §6.