Can I process my forms by mail?
Yes, 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 Nantucket Registry of Deeds by calling (508) 228-7250. When your deed for recording is received by the Land Bank, it will be processed in a timely fashion and hand delivered to the Registry.
Your package should include the following items to avoid delay:
- An original deed
- A completed and fully-executed Land Bank Form 1
- 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 1, Part D
- A separate, completed and fully-executed Land Bank Form 2 for each entity involved in the transaction, if applicable
- If claiming an exemption, a completed and fully-executed form for the particular exemption being claimed (see exemption list and Forms A through N above), along with any additional documentation which may be required to support the claim
- 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
Please note that your package will be promptly returned to you if it is determined that the documents are incorrect or incomplete.
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 (PDF)
What is the current first-time home buyers exemption amount?
As of January 2023, the current maximum amount that can be exempted from the purchase price for first-time home buyers is $1,000,000. If this exemption is claimed at the time of the purchase, the purchasers must fulfill all the requirements of the exemption as stated in Section 12(-m-) of the Act and Section 4.16 of the Rules and Regulations (PDF) or the exempted fee will become due and payable to the Land Bank together with accrued interest (14% per annum, set by statute) and penalties. This amount is determined by the Commission on an annual basis. Please contact the Land Bank office for the most current “M” exemption amount.
Why is there a lien on my property?
Deed restricted affordable home buyers and 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 affordable housing restrictions (-o-) exemption and 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 ownership and domicile requirements are 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 (14% per annum, set by statute) and penalties.
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-) or (-o-) exemption are subordinate to mortgage refinancing as stated in the language of the lien document.
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 individual tax advisor for further advice on this matter.