If you are considering selling, refinancing or otherwise transferring your Ownership Interest related to your Home at Nashaquisset (whether to a new buyer, a trust, an LLC, or because of the death of a spouse, partner or co-owner), there are certain documents that will be required from the Cooperative.
Your attorney, financial advisor and accountant will always be the best source for specific guidance relating to your particular situation, but these general tips may assist you and your advisors and will indicate the time and fees required by the Cooperative for various actions requiring Cooperative documents.
As a small community, Nashaquisset does not maintain dedicated staff to support the documentation required by these (relatively infrequent) transactions. CCPM, as our general manager, like Cape Associates previously, will generate the required Cooperative documents upon request, for a fee (noted by transaction type below), for signature by the Cooperative’s officers. You should expect a thirty-day turn-around time on all such requests – please factor this into your planning.
Step One for any of these transactions is to provide Cashion Consulting and Property Management with the information they need to proceed, please contact Tracy MacDonald (email@example.com), 339-235-0365, as soon as possible with the information about your sale.
The document processing fees for transactions listed below are payable to both Cashion Consulting and Property Management and Nashaquisset, Inc. Please send both checks to CCPM upon their acceptance of this document, their address is CCPM, PO Box 3067, Nantucket, MA 02554.
- Sale from owner: $650 ($400 to CCPM and $250 to Nashaquisset, Inc.)
- Sale from buyer: $500 (to CCPM)
- Refinance: $350 ($250 to CCPM and $100 to Nashaquisset, Inc.)
- Transfer to Trust and LLC’s: $1150 ($900 to CCPM and $250 to Nashaquisset, Inc.)
Below are links to an overview of each of these options as well as some of the documents that are generally requested.
- Sale Transactions
- Refinancing Loans Secured by Your Ownership Interest
- Transfers by Homeowners to Trusts and LLC’s
Documents frequently requested for these transactions.
- Request Master Insurance Policy Certificate
- Copy of Master Insurance Policy (this is last year's policy, currently policy should be uploaded shortly)
- Current Year Cooperative Budget
- Request for lost stock certificate replacement
Finally there are questions that are sometimes raised by prospective buyers, before closing, about Cooperative Documents. Please read below for the policies dealing with these documents.
MAY I SHARE THE GOVERNANCE DOCUMENTS ON THIS WEBSITE WITH PROSPECTIVE PURCHASERS OF MY HOME?
Yes. As with all cooperative corporations, Nashaquisset has in place a set of governance documents including our By-Laws, Rules and Regulations and Scope of Services, which are likely of interest to a prospective purchaser, and Homeowners are permitted to provide this information. You should note that each Homeowner agrees to abide by these documents as a condition of the Residence Agreement each new owner signs at closing. As a matter of policy, the Cooperative will not itself provide information to non-Nashaquisset shareholders. The Board requests that Homeowners use discretion when deciding to share information with bona fide prospective purchasers. The homeowners directory, which contains personal contact information of your neighbors, should not be shared with non-owners.
MAY I SHARE THE ANNUAL CARRYING CHARGES FOR MY HOME WITH PROSPECTIVE PURCHASERS OF MY HOME? WHAT ABOUT BOARD MINUTES AND BUDGET INFORMATION?
Yes. As with all cooperative corporations, Nashaquisset collects maintenance fees from our shareholders, payable quarterly, that are set annually by the Board in accordance with our By-Laws and such fees vary in proportion to number of shares held. Likewise, the Board distributes the minutes of their meetings to shareholders, via the website, as well as annual budget information for the annual meeting. Because this information is likely to be of interest to a prospective purchaser, Homeowners are permitted to share it with prospective purchasers. The Board requests that Homeowners use discretion when deciding to share information with bona fide prospective purchasers.
MY PROSPECTIVE PURCHASER IS INTERESTED IN MAKING CHANGES TO THE EXTERIOR OF THE HOME THAT LIKELY REQUIRE BOARD APPROVAL — MAY THEY APPLY FOR SUCH APPROVAL PRIOR TO CLOSING?
No. Requests for Board approval of exterior alterations may only be made by current shareholders. Selling Homeowners should consider making prospective purchasers aware of the Board approval process, however.