Previous Story
Homesteaders told to pick up deeds
|
Posted on Mar 15 2005
Over 100 homesteaders may now pick up their certificates of compliance and quitclaim deeds at the Marianas Public Lands Authority offices in Chalan Piao, MPLA announced yesterday.
MPLA chair Ana Demapan-Castro said a list of names of the recipients will be printed in local newspapers.
These recipients have completed homesteading requirements, which include building a house and occupying it within two years after the homestead permit is issued, and continuing to occupy the house throughout the third year.
In addition, Demapan-Castro reminded homesteaders that their property, with MPLA approval, may be used as collateral when obtaining loans from financial institutions. “If a mortgage is desired during the three-year permit period, it is the MPLA, not the homestead, that is pledging the land as collateral,” she added.
According to the CNMI Constitution, after receiving the deed, homesteaders may mortgage the land, but may not transfer the title to others in the first 10 years. Mortgage proceeds obtained from homestead property may only be used on improvements to the land.
Demapan-Castro also urged lending institutions to clarify any specific clauses in the mortgages when approached by homesteaders seeking a mortgage.
Earlier, MPLA called on current homestead applicants and permit holders to apply for one of the estimated 130 houses that will be built through the Plumeria Estate project, which is expected to be completed in November 2006.
MPLA recently designated a portion of public land in Koblerville to the Northern Marianas Housing Corp. for the project.
As a condition for its decision, the MPLA board of directors instructed NMHC to give priority to existing homestead applicants and permitees when approving applications.
