53 P.S. § 10619.1 (2009)
§ 10619.1. Transferable development rights
(a) To and only to the extent a local ordinance enacted in accordance with this article and Article VII so provides, there is hereby created, as a separate estate in land, the development rights therein, and the same are declared to be severable and separately conveyable from the estate in fee simple to which they are applicable.
(b) The development rights shall be conveyed by a deed duly recorded in the office of the recorder of deeds in and for the county in which the municipality whose ordinance authorizes such conveyance is located.
(c) The recorder of deeds shall not accept for recording any such instrument of conveyance unless there is endorsed thereon the approval of the municipal governing body having zoning or planned residential development jurisdiction over the land within which the development rights are to be conveyed, dated not more than 60 days prior to the recording.
(d) No development rights shall be transferable beyond the boundaries of the municipality wherein the lands from which the development rights arise are situated, except that, in the case of a joint municipal zoning ordinance or a written agreement among two or more municipalities, development rights shall be transferable within the boundaries of the municipalities comprising the joint municipal zoning ordinance or, where there is a written agreement, the boundaries of the municipalities who are parties to the agreement.