Georgia § 44-14-15 - Fee for a future conveyance; limited circumstances.

§ 44-14-15. Fee for a future conveyance; limited circumstances.

As used in this Code section, the term "conveyance of real property" means a conveyance or other transfer of an interest or estate in real property. A restriction or covenant running with the land applicable to the conveyance of real property that requires a transferee or transferor of real property, or the transferee's or transferor's heirs, successors, or assigns, to pay a declarant, other person imposing the restriction or covenant on the property, or a third party designated by such declarant or other person, or a successor, assignee, or designee of such declarant, third party, or other person, a fee in connection with a future transfer of the property shall be prohibited. A restriction or covenant running with the land that violates this Code section or a lien purporting to encumber the land to secure a right under a restriction or covenant running with the land that violates this Code section shall be void and unenforceable. This Code section shall not apply to a restriction or covenant that requires a fee associated with the conveyance of real property to be paid to: An association formed for the purposes of exercising the powers of the association of any condominium created pursuant to Article 3 of Chapter 3 of this title, the "Georgia Condominium Act"; A property owners' association formed for the purposes of exercising the powers of the property owners' association pursuant to Article 6 of Chapter 3 of this title, the "Georgia Property Owners' Association Act"; A property owners' association formed for the purposes of exercising the powers of an association of property owners that has not been formed pursuant to or which has not adopted the provisions of Article 6 of Chapter 3 of this title, the "Georgia Property Owners' Association Act," provided that such association shall comply with subsection (d) of Code Section 44-3-232 ; A person or entity under the general supervision of the Public Service Commission as provided for in subsection (a) of Code Section 46-2-20 , provided that such fee is charged for expenses incurred in the administration of ongoing services or rights provided to the property interest conveyed; A community land trust or community development corporation that is tax-exempt under Section 501(c)(3) or 501(c)(4) of the federal Internal Revenue Code, provided that such fee is charged for and applied to expenses incurred in the administration of ongoing community program services or rights provided to shared equity property interests within, as applicable, the land subject to the community land trust or the geographic area served by the community development corporation; or A party to a purchase contract, option, real property listing agreement, or other agreement which obligates one party to the agreement to pay the other, as full or partial consideration for the agreement or for a waiver of rights under the agreement, an amount determined by the agreement if such amount constitutes a fee or commission paid to a licensed real estate broker for brokerage services rendered in connection with the transfer of the property for which such fee or commission is paid. (Code 1981, § 44-14-15 , enacted by Ga. L. 2013, p. 634, § 3/HB 160.) Effective date. - This Code section became effective July 1, 2013. See Editor's notes for applicability. Editor's notes. - Ga. L. 2013, p. 634, § 4/HB 160, not codified by the General Assembly, provides, in part, that this Code section shall apply to covenants recorded on or after July 1, 2013. Law reviews. - For annual survey on real property, see 65 Mercer L. Rev. 233 (2013).