Tuesday, May 19, 2020

PRVWSD Raising Lease Transfer Fee

Effective June 1, 2020, the Pearl River Valley Water Supply District (PRVWSD or PRV) is raising its lease transfer fee from $190 to $250.  

The PRVWSD Board took such action at it's April 16, 2020, meeting. PRV Agenda 4.16.2020.  According to a PRV spokesperson, this is the first time the fee has been increased since 1990.

For the uninitiated, all PRV property is leased from the PRV.  In order to transfer your lease rights to the PRV leasehold property, the transferor/transferee must execute a lease assignment and submit it to the PRV lease department.  PRV executes the assignment and then records the assignment in the applicable Chancery Clerk's land records office.  This service is not free and currently costs $190.  PRV is raising this fee to $250 starting June 1, 2020.

Notably, the recording fees charged by Chancery Clerks for recording land records increased substantially on January 1, 2020.  These recording fees are included in the PRV lease transfer fee, so, according to a PRV spokesperson, this increase was requested due to the increase of recording fees and postage rates.

Either way, it's going to be $60 more expensive to transfer PRV property, soon. 

No comments: