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Land Bank adopts policy requiring earlier disclosure for complex ownership transfers
Summary
To reduce last-minute delays at closings, the commission adopted an educational pamphlet and a policy asking entities with complex ownership structures to submit transfer documentation at least five days before closing so staff can review and reconcile transfer fees under the Land Bank Act.
The Land Bank Commission approved an educational pamphlet and a complementary policy designed to clarify how the Land Bank’s 2% transfer fee applies when ownership is held through multiple corporate or trust structures.
Staff told commissioners that many recent property transfers on Nantucket involve LLCs, trusts and layered corporate…
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