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H. B. No. 274 As Reported by the House Judiciary and Ethics CommitteeAs Reported by the House Judiciary and Ethics Committee
129th General Assembly | Regular Session | 2011-2012 |
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Cosponsor:
Representative Bubp
A BILL
To amend section 5301.057 of the Revised Code to
provide that a transfer fee for purposes of a
transfer fee covenant does not include any payment
required pursuant to a conservation easement or
agricultural easement.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That section 5301.057 of the Revised Code be
amended to read as follows:
Sec. 5301.057. (A) As used in this section:
(1) "Environmental covenant" means a
(a) A servitude that imposes activity and use limitations on
real property and meets the requirements of section 5301.82 of the
Revised Code;
(b) A conservation easement or agricultural easement as
defined in section 5301.67 of the Revised Code.
(2) "Transfer" means the sale, gift, conveyance, assignment,
inheritance, or other transfer of an ownership interest in real
property located in this state.
(3) "Transfer fee" means a fee or charge required by a
transfer fee covenant and payable upon the transfer of an interest
in real property, or payable for the right to make or accept such
a transfer, regardless of whether the fee or charge is a fixed
amount or is determined as a percentage of the value of the
property, the purchase price, or other consideration given for the
transfer. The following are not transfer fees for purposes of this
section:
(a) Any consideration payable by the grantee to the grantor
for the interest in real property being transferred. For the
purposes of division (A)(3)(a) of this section, an interest in
real property includes a separate mineral estate and its
appurtenant surface access rights.
(b) Any commission payable to a licensed real estate broker
for the transfer of real property pursuant to an agreement between
the broker and the grantor or the grantee, including any
subsequent additional commission for that transfer payable by the
grantor or the grantee based upon any subsequent appreciation,
development, or sale of real property;
(c) Any interest, charges, fees, or other amounts payable by
a borrower to a lender pursuant to a loan secured by a mortgage
against real property;
(d) Any rent, reimbursement, charge, fee, or other amount
payable by a lessee to a lessor under a lease;
(e) Any consideration payable to the holder of an option to
purchase an interest in real property or the holder of a right of
first refusal or first offer to purchase an interest in real
property for waiving, releasing, or not exercising the option or
right upon the transfer of the property to another person;
(f) Any tax, fee, charge, assessment, fine, or other amount
payable to or imposed by a governmental authority;
(g) Any fee, charge, assessment, fine, or other amount
payable to a homeowners, condominium, cooperative, mobile home, or
property owners association pursuant to a declaration or covenant
or law applicable to the association;
(h) Any payment required pursuant to an environmental
covenant.
(4) "Transfer fee covenant" means a declaration or covenant
recorded against the title to real property that requires or
purports to require the payment of a transfer fee to the declarant
or other person specified in the declaration or covenant or to
their successors or assigns upon a subsequent transfer of an
interest in the real property.
(B) A transfer fee covenant recorded in this state on or
after the effective date of this section September 13, 2010, does
not run with the title to real property and is not binding on or
enforceable against any subsequent owner, purchaser, or mortgagee
of any interest in real property as an equitable servitude or
otherwise.
(C) Any lien purporting to secure the payment of a transfer
fee under a transfer fee covenant that is recorded in this state
on or after the effective date of this section September 13, 2010,
is void.
Section 2. That existing section 5301.057 of the Revised Code
is hereby repealed.
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