Due to the amount of staff time involved in recording property transfers and corresponding documentation, a new documentation fee will be implemented effective January 1, 2007.
This fee will offset the Association costs involved in transferring title to the property, changes in the database and accounting systems, informational welcome packets and their contents, updating the Territory Times mailing list, New Member Orientation costs, member supplies, etc. As you can see, there is a considerable amount of work and expense involved in making a change to the ownership of a property.
Each title transfer or change is subject to a documentation fee based on the new ownership. If the title is being transferred to a new owner (someone who does not currently own property in The Galena Territory) the fee will be $200. If the transfer is a name change or transfer to a member currently owning property in The Galena Territory the fee will be $50. The Board of Directors reviewed the fee structure and made the following changes for 2009:
Transfer to a new member (not currently a property owner)
Quit claim entire ownership to a new member
Land contract change to list purchaser as secondary owner (if new owner)
Current owner purchasing different or additional property
Quit claim entire property to a current member
Quit claim a percentage of ownership to a new or current member
Quit claim to delete a name on the title
Land contract change to list purchaser as secondary owner (if current owner)
Changes in trustees listed for corporations or trusts
Transfer property into a trust with same owners listed as trustees
Transfer of ownership to an Executor/Administrator/Guardian Deed
These fees are billed when the office receives notification of the transfer or change of ownership and are due upon receipt. Failure to pay the documentation fee will result in a lien being filed against the property.
This site was last updated on 5/23/2013 10:25 PM
Copyright Galena Territory Association. All rights reserved.