KRS § 382.792 — KY Code / Title XXXII / Chapter 382 / Section 382.792
382.792 Definitions for KRS 382.792 to 382.796
Status: in_force

382.792 Definitions for KRS 382.792 to 382.796.

As used in KRS 382.792 to 382.796:

(1) "Payee" means the person or entity who claims the right to receive or collect a

private transfer fee payable under a private transfer obligation;

(2) "Private transfer fee" means a fee or charge payable upon the transfer of an interest

in real property, or payable for the right to make or accept the transfer, regardless of

whether the fee or charge is a fixed amount or is stated as a percentage of the value

of the property, the purchase price, or other consideration given for the transfer. A

private transfer fee shall not include:

(a) Any consideration payable by the grantee to the grantor for the interest in real

property being transferred, including any subsequent additional consideration

for the property payable by the grantee based upon any subsequent

appreciation, development, or sale of the property if such additional

consideration is payable on a one (1) time basis only and the obligation to

make such payment does not bind successors in title to the property. For the

purposes of this paragraph, an interest in real property may include 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 but not limited to any subsequent additional commission

for that transfer payable by the grantor or the grantee based upon any

subsequent appreciation, development, or sale of the 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, including but

not limited to any fee payable to the lender for consenting to an assumption of

the loan or a transfer of the real property subject to the mortgage, any fees or

charges payable to the lender for estoppel letters or certificates, and any shared

appreciation interest or profit participation or other consideration and payable

to the lender in connection with the loan;

(d) Any rent, reimbursement, charge, fee, or other amount payable by a lessee to a

lessor under a lease, including but not limited to any fee payable to the lessor

for consenting to an assignment, subletting, encumbrance, or transfer of the

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 real 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, dues, fine, contribution, 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

such association, including but not limited to fees or charges payable for

estoppel letters or certificates issued by the association or its authorized agent;

(h) Any fee, charge, assessment, dues, fine, contribution, or other amount

imposed by a declaration or covenant encumbering real property, and payable

solely to a nonprofit or charitable organization for the purpose of supporting

cultural, educational, charitable, recreational, environmental, conservation, or

other similar activities benefiting the real property subject to the declaration or

covenant or the community in which the real property is located; and

(i) Any fee, charge, assessment, dues, fine, contribution, or other amount

pertaining solely to the purchase or transfer of a club membership relating to

real property owned by the member, including but not limited to any amount

determined by reference to the value, purchaser price, or other consideration

given for the transfer of the real property;

(3) "Private transfer fee obligation" means an obligation arising under a declaration or

covenant recorded against the title to real property or under any other contractual

agreement or promise, whether or not recorded, that requires or purports to require

the payment of a private transfer fee upon a subsequent transfer of an interest in real

property; and

(4) "Transfer" means the sale, gift, conveyance, assignment, inheritance, or other

transfer of an ownership interest in real property.