The bill authorizes the Town of Brookline to impose a real estate transfer fee on certain property transactions. It defines key terms such as "transfer fee," "settlement agent," and "affordable housing purposes," and establishes the fee structure, which can vary based on property classification and purchase price, with a minimum of 0.5% and a maximum of 2% of the purchase price exceeding a specified exemption threshold. The fee is to be paid by the seller within seven days of the transfer, and half of the collected fees will be allocated to the Brookline Affordable Housing Trust Fund, while the other half will go to the Brookline General Fund.

The bill also outlines various exemptions from the transfer fee, including transfers under $1 million, gifts, government transfers, and certain family transactions. It mandates the Finance Director to maintain accurate records of the fees and requires the Town to issue an annual report on the use of the funds. The adoption of the transfer fee requires a majority vote from the Town Meeting, and the Town has the authority to enforce the fee collection and establish procedures for appeals regarding the fee amount or exemptions. The act is set to take effect immediately upon the Governor's signature.