Housing Nantucket  

 

 

creating sustainable community housing opportunities for nantucket

 
  
 
 
 
 

 
 
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 the Nantucket Housing Office 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 Office. The Housing Office 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 Office.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 Office 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 Housing Office reviews. Please use attached form (a fill-in-the-blanks pdf file) and DO NOT re-type or create your own form. Authority Morgtgage.
Intent to Record   Purchaser Housing Office 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 the Nantucket Housing Office. The 2008 Transfer Fee is $2,306.50.
Certificate of Compliance   Purchaser and Seller Issued by Housing Office 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 Nantucket Housing Office
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 the Nantucket Housing Office 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




 

Visit Us
Housing Nantucket can be found at:

15 Teasdale Circle
(Off Nobadeer Farm Road)

Write Us
Housing Nantucket
P.O. Box 3149
Nantucket, MA 02584

Call Us
508.228.4422 or
508.228.4915 (fax)

Email Us
aaron(at)housingnantucket.org
anne(at)housingnantucket.org

Funding for Housing Nantucket comes from public and private grants in addition to generous donations from individual contributors.

Housing Nantucket is grateful to the Community Preservation Committee for providing funding for a variety of projects.