Nevada § 111.840 - “Private transfer fee” defined

§ 111.840. “Private transfer fee” defined

1. “ Private transfer fee ” means a fee or charge required by a private transfer fee obligation 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 interest in real property or

the purchase price or other consideration paid for the transfer of the interest in

real property. 2. The term does not include any: (a) Consideration payable by the buyer to the seller for the interest in real property

being transferred, including any subsequent additional consideration payable by the

buyer based upon any subsequent appreciation, development or sale of the property

if the additional consideration is payable on a one-time basis only and the obligation

to make the payment does not bind successors in title to the property; (b) Commission payable to a licensed real estate broker for the transfer of real property

pursuant to an agreement between the broker and the seller or buyer, including any

subsequent additional commission payable by the seller or buyer based upon any subsequent

appreciation, development or sale of the property; (c) Interest, charge, fee or other amount payable by a borrower to a lender pursuant

to a loan secured by a mortgage on real property, including, without limitation, any

fee payable to the lender for consenting to an assumption of the loan or a transfer

of the real property, any amount paid to the lender pursuant to an agreement which

gives the lender the right to share in any subsequent appreciation in the value of

the property, and any other consideration payable to the lender in connection with

the loan; (d) Rent, reimbursement, charge, fee or other amount payable by a lessee to a lessor

under a lease, including, without limitation, any fee payable to the lessor for consenting

to any assignment, subletting, encumbrance or transfer of the lease; (e) Consideration payable to the holder of an option to purchase an interest in real

property or to the holder of a right of first refusal 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) Tax, fee, charge, assessment, fine or other amount payable to or imposed by a

governmental entity; (g) Fee, charge, assessment, fine or other amount payable to an association of property

owners or any other form of organization of property owners, including, without limitation,

a unit-owners' association or master association of a common-interest community, a

unit-owners' association of a condominium hotel or an association of owners of a time-share

plan, pursuant to a declaration, covenant or specific statute applicable to the association

or organization; or (h) Fee or charge payable to the master developer of a planned community by the first

purchaser of each lot in the planned community in the event that the first purchaser

fails to construct and obtain a municipal certificate of occupancy for a residence

on the lot and retain ownership of the residence for 1 year before conveying the residence,

provided that the obligation of the first purchaser of the lot to pay the fee or charge

is on a one-time basis only and does not bind subsequent purchasers of the lot.