Property Transfer Clarification

In an effort to clarify any misunderstandings derived from any postings in the local newspapers regarding CBTEA’s property transactions it is important that you understand that the amounts posted do not represent an exchange of any real monies between that individual and CBTEA. These are postings of “Lot Take Backs” between delinquent property owners and the Association. The amount represents monies owed to the Association by the property owner(s) which have accumulated over many years.

Lot Take Backs are the final good faith effort of the Association to recoup outstanding debt. Owners in these instances agree to deed their property back to Chincoteague Bay Trails End in exchange for forgiveness of their debt. CBTEA can then sell these properties which helps to minimize any loss incurred by the Association.