The process is slightly different for large and small dams that are state regulated and located on nonnavigable streams. The buyer must show financial capability to maintain the dam for a minimum of 10 years. An inspection is required prior to transferring the property and dam, as well as a description of any repairs needed to bring the dam into compliance with safety standards. In general, both the seller of property on which a dam is located and the buyer of the property must cooperate to complete a dam transfer application. If dam transfer requirements are not met, the real estate transaction may be voided.Ī permit is required to transfer ownership of large and small dams that are state regulated and located on navigable streams. Realtors, attorneys and lenders are required by law to advise clients of these requirements. If you are considering selling or buying a property which includes a dam, notify your real estate agent early in the transfer process.
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