As used in this chapter, "transfer fee covenant" means a declaration or covenant, however denominated and regardless of whether it is recorded, that:

1. (1) purports to affect an interest in real property located in Indiana; and

2. (2) requires or purports to require the payment of a transfer fee to:

   1. (A) the declarant;
   2. (B) another person specified in the declaration or covenant; or
   3. (C) the successors or assigns of a person described in clause

   4. (A) or (B);

      upon a subsequent transfer of the interest in real property.

As added by P.L.136-2011, SEC.1.