§ 21-29. Transfers ancillary to financing.

Latest version.

Except as provided in Section 21-32, any transfer of an interest in real property made primarily for the purpose of enabling any party to obtain a loan secured by such real property shall be deemed to be a transfer for consideration for purposes of this article. In such cases, the amount of consideration shall be deemed to be the same as the amount of the loan so obtained, or to be obtained.

(Ord. No. 3982, § 2 (part), 3-25-08)

                    
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