"UNFAIR REAL ESTATE SERVICE AGREEMENT." A REAL ESTATE
SERVICE AGREEMENT THAT:
(1) PURPORTS TO RUN WITH THE LAND OR TO BE BINDING ON
FUTURE OWNERS OF INTERESTS IN THE REAL PROPERTY;
(2) PURPORTS TO CREATE OR ALLOW A LIEN, ENCUMBRANCE OR
OTHER SECURITY INTEREST IN THE PROPERTY; OR
(3) ALLOWS FOR THE AGREEMENT TO BE ASSIGNED WITHOUT
TIMELY NOTIFICATION TO THE OWNER OF THE PROPERTY.
Section 7. Transfer of amounts collected from realty transfer
tax for property tax reduction.
(a) Transfer.--Beginning July 31, 2024, and each July 31
thereafter, the State Treasurer shall transfer money from the
General Fund to the Property Tax Relief Fund for distribution
under subsection (b), which shall be equal to the difference
between:
(1) the total amount of the tax imposed under section
1102-C of the act of March 4, 1971 (P.L.6, No.2), known as
the Tax Reform Code of 1971, and collected by the
Commonwealth for the prior fiscal year; and
(2) the total amount transferred under section 1102-
C.6(a) of the Tax Reform Code of 1971.
(b) Distribution.--The amount transferred under subsection
(a) shall only be available for distribution to school districts
under section 505 of the act of June 27, 2006 (1st Sp.Sess.,
P.L.1873, No.1), known as the Taxpayer Relief Act.
Section 6 7 8. Penalties.
(a) Unenforceability and violation of other State law.--If a
violation of section 3 or 4 occurs, the realty agreement shall
be deemed unenforceable and the violation shall constitute an
unfair method of competition and an unfair or deceptive act or
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