FAIRHOPE SINGLE TAX CORPORA TION

LEASE TRANSFER PROCEDURE

1.    We need the Letter Requesting Transfer. This letter needs to be dated and signed by the
seller(s) or their agent.

Letter should include seller(s) names; buyer(s) names INCLUDING pertinent initials; address of property and, amount of consideration (sales price). IF LEASE IS TO BE IN THE NAME OF A CORPORATION, TRUST OR L.L.C., WE NEED TO KNOW THE EXACT NAME, AND WE NEED A COPY OF THE DOCUMENT FOR OUR RECORDS. If a Power of Attorney is used, we need a copy of that document also.

(Any mortgage information that you know would be helpful too.)

We need a Certified Appraisal (CG or CR number required).

*Cost Approach Section MUST be filled out.

This Appraisal, along with the Letter, needs to be in our office one to two weeks prior to the closing date. The Appraisal cannot be over six months old.

The only transfer that does not require an appraisal is one in which there is no money involved (family, etc.) We still need the Letter.

2.   Give the buyer(s) the lease orientation packet (available from our office) to read and have
them call for an orientation appointment (takes 15 to 20 minutes). Lease Transfer Fee is
$200.00 due from buyer(s) prior to the Lease being issued for closing.

- A Lease Orientation is required on all transfers, even if buyers are currently lessees or prior lessees. The purpose of the Orientation is to explain the ground rent for that particular parcel and to get signatures on the documents applicable to that parcel

3.             Transfer is put on agenda for the Wednesday (every week) review.

4.             Seller(s) will need to sign an Endorsement (after Wednesday approval), which cancels their lease so a new lease can be issued for closing.

(Seller(s) coming by FSTC and signing this on their way to closing makes it easy in just one trip. If they need to sign earlier, the realtor or agent can pick up new lease for closing. If seller(s) are out of town. Endorsement will need to be mailed to them & returned to FSTC before new lease can be issued.)

If you have any questions, please call us at 928-8162

E-mail address: fstc@mchsi.com