Property Transfer and Realtors & Lawyers
Process for property transactions
For the most part the system for member assessments has been working well, yet there are cases where property transfers have occurred without notification to the association. This makes it difficult to track sales and understandably frustrates purchasers who are left with outstanding fees, for which they are responsible.
Destination Silver Star, the Silver Star Resort Association, must be notified of all property transfers in the Silver Star Resort Promotion Area. The process for all changes of property ownership for all properties (commercial and residential) located in the above noted Silver Star Resort Promotion Area is as follows:
- Accounts will be transferred once assessments are paid in full and our office has received a completed Property Sale Requirements Form. This form does not require notarisation and can be sent to the Purchaser well in advance of the transfer. We appreciate as much notice as possible with regards to the sale to ensure that all paperwork is in order. If Vendors do not pay the fees in advance, they become the responsibility of the purchaser.
- Once the Property Sale Requirements Form is completed and returned, an Assessment Certificate will be issued to facilitate completion of the conveyancing Statement of Adjustments. The Assessment Certificate will show any amounts paid by the seller which may need to be prorated between the seller(s) and the buyer(s). After the Property Sale Requirements Form, together with payment of all overdue assessments (if any) is received, the account respecting this property will be transferred to the new owner(s).
The Silver Star Resort Association has chosen not to place a legal notice on title at this time, however, this does not exempt any property owner from their responsibilities with respect to assessments that are levied.