Oak Terrace Improvement Association Property Transfer Fee
A Transfer Fee of $50.00 will be due at closing from the Seller of any property in Oak Terrace, payable to: “Oak Terrace Improvement Association”. The transfer fee covers costs incurred by the Oak Terrace Improvement Association when ownership records are transferred from a seller to a buyer. The charge relates to items such as preparing and distributing documents, updating names in databases, changing security devices for the community beach park, and other administrative costs.
At least 1-2 weeks prior to the closing, the following information must be sent to the Oak Terrace Improvement Association at [email protected].
- Name(s) of Seller(s)
- Name(s) of Buyer(s)
- Address to where Buyer(s) would like their annual assessments to be mailed
- Full address of property being sold
- PIN # of property being sold
- Date of closing
- Name of Title Company being used for the closing and/or name of Lawyer for Seller, and their phone numbers
In addition, if the Seller has a Key Fob for the Oak Terrace Beach Park, it must be returned to the Association prior to closing, or an additional $25.00 fee will be added to the Transfer Fee noted above. To return the key fob, you may reach out to any board member listed on the OakTerrace.org website or send an email to [email protected].
We welcome new residents to the Oak Terrace Community. If you would like to receive updates regarding community activities, send your email address to [email protected].
More information about our community can be found at www.oakterrace.org.
