Okaloosa Island Leaseholders Association OILA
       Okaloosa Island Leaseholders Association                 OILA

Leasehold Conversion Process

Originally, land on Okaloosa Island was "leased" from the Okaloosa Island Authority.  The lease was for 99 years with an automatic renewal for 99 years.  There is a Brief History of Okaloosa Island on the About Us page.  It contains the history of how the Island evolved over the years.

 

A sample lease for a residential property on the Island is contained in the link below.

OriginalLease.pdf
Adobe Acrobat document [356.3 KB]

In 1995, the Okaloosa County Board of County Commissioners approved a measure that allowed leaseholders to obtain a "fee simple title" to their property.

 

Why would you want to convert from a "lease" to "fee simple title"?  The primary reason is financing.  Most lending institutions, either for a primary mortgage or for re-financing an existing mortgage, do not want to lend money on property that is leased.  This makes it difficult to obtain financing when selling or re-financing.

On August 1, 2017 the Board of County Commissioners adopted Resolution 17-123 which defined the new process for Leasehold Conversions.

The Agenda Item for consideration can be viewed by clicking on the following link:

BCC Agenda Item.pdf
Adobe Acrobat document [130.9 KB]

Resolution 17-123 can be viewed by clicking on the following link:

Resolution 17-123.pdf
Adobe Acrobat document [178.9 KB]

The new Leasehold Conversion Process is being handled in house by the County Public Works Department.   The cost of $500 is about half of what it used to be.

 

All of the needed information, forms, and contact information, is contained in the Leasehold Conversion Application package.  This can be viewed and printed by clicking on the following link:

Leasehold Conversion Application.pdf
Adobe Acrobat document [270.2 KB]
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