Brazos River Authority divestiture of Possum Kingdom Lake land is coming soon, but a few details will push it a couple of weeks from the anticipated Sept. 15 closing date.
According to Mike Patterson, general manager of Patterson PK Land Partnership Ltd., all is in order, however, the process is delayed by some items, such as some “outstanding road surveys that are trickling in.”
“All the financing is done, but 5 percent of the roads need to be reviewed,” he said.
The BRA issued a press release Friday on the delay, stating, “The closing process has commenced and will continue in earnest as the parties work to finalize the sale. With the volume of documents and the number of counties involved in the sale, it will take several days to process the paperwork, record documents, receive the necessary recording information from the counties and finalize the transaction.
“At this time, the authority and PPKLP expect the conveyance to be complete in the next few weeks,” the BRA added.
“It is all coming together. It has truly been a team effort and we appreciate the hard work of the Authority and everyone involved,” Patterson said. “This extension is merely a timing issue and will help us to achieve the best possible product for all parties around the lake. We can see the finish line and look forward to closing very soon.”
“The authority and PPKLP realize there are many people excited about the closing of this transaction and the opportunity that it brings to own land at Possum Kingdom Lake,” the BRA stated in its release. “The parties will continue to update their respective websites with any new information regarding the status of the closing.”
People wanting more information can contact the BRA's Judi Pierce at (254) 761-3101 or PPKLP representative Jarod Cox at (817) 784-2065.
“It dwarfs any transaction I've ever dealt with,” Patterson said of the major sale of over 1,500 leasehold properties and undeveloped land. He said he has been in the business of preparing real estate documents since 1982.
“To the BRA's credit, it's been a Herculean effort to sell all the properties as a bulk purchase,” he said, adding it would have been even more of an effort for the BRA to sell each property individually.
Patterson said he recognizes that this hefty sale will put “a strain on the traditional system,” he said of survey companies, title companies, lenders and the clerks office, which records the documents.
“It is like a big elephant going through [these systems]. Title companies will be working daylight to dark. We'll be circulating a lot of documents,” he added, and noted once he signs the “boxes of documents that come to me,” next up will be the Palo Pinto County Clerk's office, since the majority of properties are within this county, and title companies.
“This will be less of a single event and more of a long grind,” he said.
“Exactly,” said Palo Pinto County Clerk Bobbie Smith when she heard this description of the process.
She said it would take time to record all the instruments, or documents. Smith said she heard from one of the title companies that the PPKLP deed instrument is about 2,000 pages, which she said translates into three full books. “It takes a while to record that and scan that into the computer.”
Smith said she expects to have to work late hours to try to get it all done before early voting, which begins Oct. 18. But she said there are two waves – once the initial wave of the BRA-PPKLP sale comes through, next will come a second wave of individuals purchasing their land.
“It is going to be a big ordeal,” said Smith. “After he files the original, individuals and the banking industry (who are loaning to individuals) will be filing their individual instruments.”
Patterson reported that 80 percent of the 1,500-plus lessees are on contract to purchase their land beneath their lakefront homes at PK Lake. They will close in the months following the big transaction.
“They are really working with us,” Smith said of PPKLP, specifically a representative who came out to help inform her office and the abstract offices of the process. “They have been extremely nice to us.”
“It's going to be a busy time and sort of historical. I'm not aware of anything like this [sale],” Smith said. “We will do it as efficiently as possible. It will all be recorded and be there for posterity.”
Staff writer Libby Cluett can be reached at (940) 325-4465, ext. 3422, or firstname.lastname@example.org.