Striper Talk Striped Bass Fishing, Surfcasting, Boating - View Single Post - 2 houses on the vineyard 4-sale

Bronko · 01-03-2007, 12:09 PM

Off the top of my head.... I personally haven't closed a loan on the Vineyard, but my law partner has. If I remember correctly, on the Vineyard the buyer is responsible (on most residential transactions) to pay a 2% fee of the total purchase price to the Martha's Vineyard Land Bank. In this case that would be 2% of $550,000 which is $11,000. Also, as the Sandman has noted 'group buys' aren't viewed very well out there. You may want to form a Corp. or LLC created for the purpose to buy and sell real estate, you may also look into creating a realty trust. Also beware the normal cape & Islands bulls*t re: Title V issues and the difficulty in getting insurance.

Just a couple of ideas to mull.

01-03-2007, 12:09 PM	#48
Bronko Registered User iTrader: (0) Join Date: May 2004 Location: South of Boston Posts: 2,605	Couple of things... Off the top of my head.... I personally haven't closed a loan on the Vineyard, but my law partner has. If I remember correctly, on the Vineyard the buyer is responsible (on most residential transactions) to pay a 2% fee of the total purchase price to the Martha's Vineyard Land Bank. In this case that would be 2% of $550,000 which is $11,000. Also, as the Sandman has noted 'group buys' aren't viewed very well out there. You may want to form a Corp. or LLC created for the purpose to buy and sell real estate, you may also look into creating a realty trust. Also beware the normal cape & Islands bulls*t re: Title V issues and the difficulty in getting insurance. Just a couple of ideas to mull.
	The charm of fishing is that it is the pursuit of what is elusive but attainable, a perpetual series of occasions for hope. ~John Buchan