All property transfer forms available at the Land Bank offices are also available for download here. If you have any questions, please contact us.

Instructions for Filing (PDF)
List of Exemptions (PDF)
Form A (PDF)
Form B (PDF)

Enabling Legislation
Please review the Land Bank Act and Rules and Regulations for further clarification on the applicability of the Land Bank fee.

Land Bank Act (PDF)
Rules and Regulations (PDF)

 

Frequently Asked Questions

1. Can I process my forms by mail?
2. How is the land bank fee calculated and who is responsible for its payment?
3. What is the current first-time home buyers (-m-) exemption amount?
4. Why is there a lien on my property?
5. What happens to the lien if I want to refinance?
6. I paid the Land Bank fee; can I take a deduction on my tax return?

1. Can I process my forms by mail?

You may process your forms by mail. Please include any checks required by the Nantucket County Registry of Deeds for the recordation of your documents. You may contact the registry of deeds by calling (508) 228-7250. When your deed for recording is received by the land bank, it will be processed and hand delivered to the registry by the next business day.

Your package should include the following items to avoid delay:

• An original deed
• A completed and signed Land Bank Form A
• A check made out to Nantucket Islands Land Bank for two percent of the purchase price, unless an exemption from the fee is claimed on Land Bank Form A, Part D
• A completed and signed Land Bank Form B, if applicable
• Any additional documentation to support a claim to an exemption from the fee
• Any check(s) for Nantucket County Registry of Deeds for recording fees and deed stamps, if applicable
• A cover letter with specific recording instructions, if needed

Please mail your package to:
Nantucket Islands Land Bank
22 Broad Street
Nantucket, MA 02554

Note that your package will be returned to you if it is determined that the documents are incorrect or incomplete.

2. How is the land bank fee calculated and who is responsible for its payment?

At the time of the transfer, the purchaser is responsible for payment of the fee in the amount of two percent of the purchase price as defined in Section 1 of the Act and Section 1.03 of the Rules and Regulations.

3. What is the current first-time home buyers exemption amount?

As of December 2008, the current maximum amount that can be exempted from the purchase price for first-time home buyers is $400,000. If this exemption is claimed at the time of the purchase, the purchasers must fulfill the requirements of the exemption as stated in Section 12(-m-) of the Act and Section 4.16 of the Rules and Regulations or the exempted land bank fee will become due and payable to the land bank together with accrued interest and penalties. This amount is determined by the Commision on an annual basis. Please contact the Land Bank office for the most current “M” exemption amount.

4. Why is there a lien on my property?

First-time home buyers who have received an exemption from all or part of the land bank fee will have a lien recorded against their property at the Nantucket County Registry of Deeds. This lien is to ensure that the requirements of the first-time home buyer’s (-m-) exemption are met and that the land bank will be notified if the owner attempts to sell the property, which is subject to the lien, before the five-year residency requirement is fulfilled. The subsequent sale of a property where the (-m-) exemption was granted will trigger the fee to become due and payable to the land bank together with accrued interest and penalties.

5. What happens to the lien if I want to refinance?

First-time home buyers who would like to refinance their property are not required to pay off the land bank’s lien prior to doing so. Land Bank liens placed against properties in which the purchaser has received the (-m-) exemption from the fee are subordinated to mortgage financing as stated in the language of the lien document.

6. I paid the Land Bank fee; can I take a deduction on my tax return?

The land bank has been instructed to inform the public that payments of the land bank fee are considered a fee, and not a tax-deductible expense, in the eyes of the Internal Revenue Service. Please consult your auditor for further advice on this matter.