Shadow Lake information
8 Key Steps to Sell/Buy Property in Shadow Lake
1: The seller must provide the buyer with a copy of "The by-laws & Restrictions of Shadow Lake".
2: The seller must provide the Resident Member form to the buyer
3: The seller must inform the buyer that membership is not optional
4: The Buyer will need to submit a Resident Member Form at the closing
5: The buyer will need to purchase one (1) share of Shadow Lake, inc. ($3,000) payable directly to Shadow Lake at closing.
6: The buyer will need to pay a $3,000 initiation fee directly to Shadow Lake, inc. at closing
7: The buyer will need to pay the seller the pro-rated dues for the fiscal year (Starts March 1) in which they are entering. Annual dues are currently $1,925. there is an additional fee for children over the age of 3 and under the age of 17. ($75/child).
8: Any assessments (Dam, parking lot, etc.) levied, must be paid in full at the time of closing or the new owner will become responsible. The seller is obligated to disclose the balances due and adjustments may be made at closing on advice of the real estate attorneys.
Once the buyer has completed the above transactions with Shadow Lake, inc. and the checks have cleared, Shadow Lake, inc. will issue a check to the seller for the $3,000 share of stock the originally purchased.