The notice regarding the existence of a PTFO in the seller’s disclosure must be in substantially the following form:
A private transfer fee obligation has been created with respect to this property. The private transfer fee obligation may lower the value of this property. The laws of this State prohibit the enforcement of certain private transfer fee obligations that are created on or after May 20, 2011 and impose certain notice requirements with respect to private transfer fee obligations that were created before May 20, 2011.
Categories: Residential Disclosure Guide, Private Transfer Fee Obligation