[quote=Jazzman]I’m only repeating what a Realtor told me, who was selling a house with the Mills Act in place. It may depend on the city. I believe some cities don’t even acknowledge the act. I’d want to be rock solid sure that the terms cannot be revoked other than for the obvious above-mentioned.[/quote]
GENERAL MILLS ACT QUESTIONS and ANSWERS
Q: My property or a property I am considering buying is already under a Mills Act contract. What does that mean to me as a property owner?
A: Mills Act contracts are for 10 years initially with automatic yearly extensions and stay with the property when transferred. Subsequent owners are bound by the contract and have the same rights and obligations as the original owner who entered into the contract. Because the local government and the property owner negotiate other specific terms of the contract, you need to contact your local government to determine the rights and obligations a Mills Act contract creates.
