00                     CS FOR SENATE BILL NO. 122(CRA)                                                                    
01 "An Act relating to real estate transfer fees; and providing for an effective date."                                    
02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
03    * Section 1. AS 34.15 is amended by adding a new section to read:                                                  
04            Sec. 34.15.105. Transfer fee covenants prohibited. (a) A document that                                     
05       conveys real estate may not include a provision that requires a subsequent grantee or                             
06       grantor to pay a transfer fee to convey the real estate, except a document that conveys                           
07       real estate may include a provision that requires a transfer fee if the fee is                                    
08                 (1)  payable on a one-time basis only on the next transfer of the interest                              
09       in real property;                                                                                                 
10                 (2)  a loan assumption fee or similar fee charged by a person holding a                                 
11       lien on the property; or                                                                                          
12                 (3)  a fee or commission paid to a licensed real estate broker for                                      
13       brokerage services.                                                                                               
14            (b)  In this section, "transfer fee" does not include                                                        
15                 (1)  a tax, assessment, fee, or charge imposed by a governmental                                        

01       authority;                                                                                                        
02                 (2)  a recording fee;                                                                                   
03                 (3)  a fee payable to a nonprofit, mandatory homeowners association,                                    
04       condominium association, or cooperative under an applicable declaration or covenant;                              
05       or                                                                                                                
06                 (4)  a fee payable to an organization described in 26 U.S.C. 501(c)(3)                                  
07       or (c)(4) (Internal Revenue Code) used exclusively for cultural, educational,                                     
08       charitable, recreational, environmental, conservation, or similar activities that benefit                         
09       the real estate conveyed.                                                                                         
10            (c)  A provision that violates this section is void.                                                         
11    * Sec. 2. This Act takes effect immediately under AS 01.10.070(c).