Sec. 4. (a) A transfer fee covenant recorded in Indiana after June 30, 2011:
(1) does not run with the title of the interest in real property the transfer fee covenant purports to affect; and
(2) is not binding or enforceable at law or in equity, as an equitable servitude or otherwise, against any subsequent owner, purchaser, or mortgagee of the interest in the real property the transfer fee covenant purports to affect.
(b) Any lien purporting to secure the payment of a transfer fee payable under a transfer fee covenant recorded in Indiana after June 30, 2011, is void and unenforceable.
(c) A:
(1) transfer fee covenant; or
(2) lien purporting to secure the payment of a transfer fee payable under a transfer fee covenant;
recorded in Indiana before July 1, 2011, is not presumed to be valid and enforceable.