OK next question relates to property.
I understand you don't own the land so it's like a 30 year up front lease in my mind rather than ownership.
However, could you sell on a property and would that person get a new 30 years or would it be the remainder of the 30 years?
Land Lease questions
Re: Land Lease questions
I am not 100% certain, but I believe the new buyer would get the property for the remainder of the lease period.
I also believe that most people who have gone this route have a 30 year lease which is followed by an additional 30 year lease.
If you want to upset things a bit, lease a piece of land, build a house on it, and register the house in your name. This is allowed as far as I know, and I'd love to see how things pan out when the land lease expires since the physical property would still be yours.
I also believe that most people who have gone this route have a 30 year lease which is followed by an additional 30 year lease.
If you want to upset things a bit, lease a piece of land, build a house on it, and register the house in your name. This is allowed as far as I know, and I'd love to see how things pan out when the land lease expires since the physical property would still be yours.
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Re: Land Lease questions
you are able to sublease the land for the remainder of the original lease or have the land owner issue another 30 year lease, depending on what is written in the lease contact.
most will renew a lease for a small fee.
most will renew a lease for a small fee.
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dalmatiandave
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Re: Land Lease questions
Wouldn't the owner of the land just become the owner of anything on his land including property.Takiap wrote:I am not 100% certain, but I believe the new buyer would get the property for the remainder of the lease period.
I also believe that most people who have gone this route have a 30 year lease which is followed by an additional 30 year lease.
If you want to upset things a bit, lease a piece of land, build a house on it, and register the house in your name. This is allowed as far as I know, and I'd love to see how things pan out when the land lease expires since the physical property would still be yours.
I would think same as a car on that land but you would just drive the car off the land. I would think you could remove the house from the land and it is still yours but I believe some have just taken a sledgehammer to the structure out of annoyance of losing rights to it's use.
I believe anything built on leased land would become the property of the land owner when lease expires. Thing is to make sure the lease doesn't expire or just don't build.
Disclaimer: Just a belief, may not be fact, I will leave for others to show the law regs.