The term “transfer fee” is used in North Carolina incorrectly all the time. Misuse is common even among professionals. Recently I’ve heard both real estate brokers and real estate attorneys refer to items as “transfer fees” that were not. Since there is a statute that regulates and can even prohibit improper transfer fees, it’s important to use the correct term. Let’s start with a bit of background. Since 2010 North Carolina state statute has defined a transfer fee as a “fee or charge payable upon the transfer of an interest in real property . . . regardless of whether the … Continue reading →