Buying a Cottage
Interested in purchasing a cottage, becoming a leaseholder and part of the MVCMA community?
Below you will find the instructions to apply to be a new leaseholder when purchasing a cottage on land owned by the MVCMA. Refer to the Cottage Transfer Rules for full detailed instructions and read the Note to Potential Buyers.
Summary of instructions for purchasing a cottage:
Once you have signed an offer to buy a cottage, contact the MVCMA office.
Complete the application to become an MVCMA leaseholder, including the CORI background check application. Turn in the applications, fee payment ($50/applicant), three references and a copy of the purchase and sales agreement to the MVCMA office.
You will receive a copy of the leased lot and a blank lease template from the MVCMA office.
Once your application is complete and you have submitted the signed Purchase and Sales Agreement to the MVCMA, an interview with the Residential Lease Committee is scheduled. Applications are to be received within 30 days of the planned transfer of cottage ownership.
If you are approved as a leaseholder, you are notified by the MVCMA office and may begin the process to close on the purchase of the cottage.
After the closing, the following is brought to the MVCMA office:
a. Executed Bill of Sale or other transfer documents
b. Completed Transfer Form
c. Check for the transfer fee, made payable to the MVCMA
7. A new lease is generated in your name as the new owner of the cottage. You may occupy the cottage once you and the MVCMA General Manager sign the lease.
8. The sale of the cottage is recorded with the town of Oak Bluffs
All changes in ownership, including transfers into trusts or within families, must be recorded with the MVCMA office and Town.