At the February 16, 2022 Board Meeting, Vice-chair, Tucker Omohundro presented a motion to rescind a buy-in fee for inherited property. The new owner must provide a copy of the recorded deed and transfer. Click here to read the previous discussion on this issue.
It sounded like Chris Jones seconded the motion.
Omohundro said, “basically this is to do away with the buy-in fee for inherited property.”
The motion passed unanimously.
Acquisition of Real Estate Title Through Inheritance
16_Chapter_1_Article_15_PO_CardsCheryl Dowden, HSV People, February 20, 2022
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Kirk Denger
02/20/2022 — 1:58 pm
Next step, rescind the entire concept of the buy in fee. Transfer fees are illegal in Arkansas. It doesn’t matter what you call it it is still a transfer fee.
Diana Podawiltz
02/20/2022 — 2:58 pm
Thank you.
Tom Blakeman
02/21/2022 — 3:51 pm
Good that this part was rescinded. But it begs the question of what remaining part or parts will be rescinded in future years? And when that happens, won’t all those forced to pay the “fee” between now and then want their money back?