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Post by Ed on Mar 17, 2009 14:12:59 GMT -5
I was wondering if anyone could explain the Land Lease arrangement.
What happens if I buy in the community, what assurances are there that the Land Owner won't sell the land and raise the rental?? Or could a developer buy the land and evict me??
ANy help about that subject would be appreciated.
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Post by Jeff G on Mar 18, 2009 19:25:17 GMT -5
to the best of my knowledge there is no guarantee.
This question pops up all the time.
The only saving grace is that there are a few scattered cottages that actually own their land.
Which makes the property impossible to develop.
There is talk of selling the property to the cottage owners but we're not sure if that would ever go through.
My mother in law had the same question when she bought hers and 34 years later, she's still smiling!
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Post by Woodcliff Park on Apr 4, 2009 19:06:12 GMT -5
It would be very difficult for the owner to sell the land, for several reasons.
As was stated here, there are scattered lots that have been sold, so the entire parcel is dotted with some 15 lots that are not part of the parcel. Since the present zoning requires quite large lots for any new building, the value of the land would not be very great, which probably makes the present use the most profitable.
Additionally, the courts would probably be somewhat sympathetic to the 100+ plus homeowners if anyone tried to evict. '
On the upside of the present situation is that it controls what type of people live here. If there was any guarantee, the owner could not throw out a troublesome renter or owner. This would greatly diminish the quality of life here.
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