Shelter Bay Company leases all the leased lots from the Swinomish Indian Tribal Community landowners under the terms of a Master Lease, and you, in turn, sublease from Shelter Bay Company.
When you purchased your home, you signed a Deed and an Assignment of Sublease which are legal documents that show transfer of ownership of both the real property and the leased property in Shelter Bay. The sublease is your agreement to pay rent as a member of the Shelter Bay HOA, and to abide by the covenants. In simple terms, you own your home and rent the land your home sits on, with the sublease as your rental agreement for the lot.
When you change ownership of your home with a Deed, it is important to also change ownership of the sublease agreement with Shelter Bay Company for the leased property.
Examples of changes would be: divorce, death, sale, transfer into a trust, or sale of property. Do not assume your attorney is aware of how to process ownership changes on subleased property.
For more information about ownership changes, contact Kendra Emerson at 360-466-3805 Ext. 1, or email [email protected].