|
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.
|
Threaded Mode