Real Property - As enacted, provides that a provision of a document requiring a transferor or transferee to pay a fee, charge, assessment, dues, contribution, deposit, or other amount to purchase, issue, reissue, maintain, or transfer a club membership that is related to the real property or the community in which the property is sited is not a transfer fee covenant. - Amends TCA Title 66.

Summary

The bill revises Tennessee Code Title 66 by replacing the number "three (3)" with "five (5)" in the definition of a transfer fee covenant. This clarification means that fees for purchasing or maintaining a club membership tied to a property are no longer classified as transfer fee covenants. It primarily affects property owners, developers, and clubs that charge such fees.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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