NHNC Transaction Details
Info and documents for
attorneys
| The following information and checklist serve as a starting point
to track transactions. However, many transactions have unique characteristics,
so please contact Housing Nantucket to review details of individual
transactions. |
| |
 |
|
|
|
| item |
|
party to initiate |
time line |
 |
|
| Qualified Purchaser's Certificate |
|
Purchaser |
30 days (involves process of 3rd party
verification). Qualified
Purchaser Application |
 |
|
| Qualified Seller's Certificate |
|
Seller |
30 days. Qualified Seller Application |
|
|
| Covenant |
|
Seller |
30
days. Must be signed/notarized by seller first, then given to the
Housing Nantucket. The staff will secure Housing Authority
Commissioner signatures. Housing Authority Commissioners sign covenants
at their regularly scheduled monthly meetings, typically the 4th
Wednesday of the month. Please make sure there is enough lead time and
schedule with Housing Nantucket staff. Please use attached form (a
fill-in-the-blanks pdf file) and DO NOT re-type or create your own form. Nantucket Housing Needs Covenant Condominium 150
Form |
|
|
| Condo Documents, Site Plan |
|
Seller |
10 days. Housing Nantucket staff reviews for compliance with
Section 15 of the Covenant. Among other requirements: Site Plans must clearly
label the "NHNC Unit" and Master Deed must include specific wording to address
Section 15. See Mandatory Master Deed Provisions, a document containing the
required wording. |
|
|
| Authority Mortgage |
|
Purchaser |
Staff reviews. Please use attached form (a
fill-in-the-blanks pdf file) and DO NOT re-type or create your own form. Authority
Mortgage. |
|
|
| Intent to Record |
|
Purchaser |
Staff reviews. Please use attached form and
DO NOT re-type or create your own form. Intent to Record. Review can be complete in advance of closing
day. |
|
|
| Payment of Transfer Fee |
|
Seller |
Seller is responsible for paying the Transfer Fee,
1/2% of the Max Sale Price, to Housing Nantucket. The 2012 Transfer
Fee is $3,535. |
|
|
| Certificate of Compliance |
|
Purchaser and Seller |
Issued by Staff before closing upon receipt
and approval of the above documents, and upon Seller's payment of Transfer
Fee |
|
|
|
|
| Post Closing: |
|
| Purchaser: Copies of Recorded Documents to Housing Nantucket |
| Purchaser: Secure Notice of Zoning
Compliance from Zoning Enforcement Officer |
|
| A typical order of recording for a transaction in which the
seller is placing the covenant on the affordable unit, creating the condominium
and selling the NHNC unit (the affordable unit) is as follows. Please check with Housing Nantucket to verify the process for the specific details of
each transaction (for example, additional documents are required if the market
rate unit is conveyed before the first conveyance of the affordable
unit): |
|
| Nantucket Housing Needs Covenant |
|
| Condo Master Deed |
|
| Site Plan |
|
| Trust |
|
| Mortgage Subordination (Subordinate Seller's mortgage to condominium
regime, if applicable) |
|
| Unit Deed (attach Qualified Seller's & Purchaser's
Certificates) |
|
| 6D Certificate |
|
| Municipal Lien Certificate |
|
| Partial Release or Discharge of Seller's Mortgage |
|
| Authority Mortgage |
|
| Purchase Money Mortgage |
|
| Certificate of Compliance |
|
|
