A license is transferable for a fee to any person who has actually acquired legal ownership of licensed premises. The transfer shall be effective for the unexpired portion of the license period provided that the transfer application is filed with the city prior to the actual change of legal ownership and the transferee is not disqualified from holding the license due to prior revocation or suspension of a license. The license shall terminate upon failure to apply for a transfer prior to change of legal ownership. The fee for the transfer shall be established by resolution.