I found a new house that I like, but they said I wouldn't own the land, just the house itself. What are the ramifications of this, good and bad?
2006-06-17 09:56:27 · 10 answers · asked by djbod2006 2 in Business & Finance ➔ Renting & Real Estate
Very bad. What if they sell the land out from under you? This is not a good idea at all.
2006-06-17 09:59:57 · answer #1 · answered by notyou311 7 · 0⤊ 0⤋
DO NOT buy a house on land you dont own!!!!!! That is the worst idea ever! If you buy the house and the land owner decides to sell the land YOU LOSE THE HOUSE! You either have to hire someone to rip the house off the foundation and buy land somewhere else and have the house transported to the new land. This process would cost a TON of money. Most likely since you own the house YOU would be responsible to remove it. The new land owner could make you pay the expense to demolish the house or move it. ONLY buy a house that comes with the property too! There are no good sides to this, only bad.
2006-06-17 17:02:32 · answer #2 · answered by Educated 7 · 1⤊ 0⤋
I agree with Dallas's answer. I am aware of a development in Scottsdale, Arizona (There probably are more) where the developer built luxury homes on land that was rented to the homeowner for a relatively low rate for 99 years. There was one stipulation that in the event the first owner of the new home sold the house to a subsequent buyer, the land would have to be purchased from the developer at current market price. This stipulation created problems for sellers of homes in that development. So that's a drawback. However, one benefit was that the price of the home was fairly low in comparison with other similar properties in the area, and that's good.
As Dallas mentioned, get the advice of a good real estate lawyer and weigh the pros and cons. That way you can make an informed decision on the specific property you are considering.
Good Luck.
Grampy
2006-06-18 00:36:56 · answer #3 · answered by Grampy 2 · 0⤊ 0⤋
From co-owning real estate the the land goes with the house.House I'm defining as a brick and mortar, and or weather board residential dwelling erected on the land legally proven by a title which you can check in the County Court Clerks office where the proven legal owner had to register the title and also pays real estate taxes. Attached to that title should also be any liens. The only way I'd ever consider buying a home separately is from a manufacturing franchised dealer. And I am not currently in the market to do that.The first question they should ask is do you own your land for which you intend to set this type home on?
2006-06-17 17:13:50 · answer #4 · answered by wjsc042002 1 · 0⤊ 0⤋
Wait'll the land is sold. The new owner wants his or her own house. Or better yet, a tire burning plant.
Get off my land! Ask anyone who has owned a doublewide (applicable only south of the Mason-Dixon Line) on someone else's land. Same principal except your house won't be on wheels.
That's what can happen. So my advice....look for another dreamhouse. This one may end up being your nightmare!
Hey! I just noticed you asked if you should buy a house that has two manhole covers in the backyard. Are you for real? Your real estate choices make a rat infested alley look comfortable.
2006-06-17 16:59:39 · answer #5 · answered by Quasimodo 7 · 0⤊ 0⤋
It's like having an apartment, except if they make you leave, you have to move or sell the house, and as you sense, no one wants a house without the land. If it's set up as a kind of condo, so there is joint ownership of the land with other house owners on the land, it could be OK, but read the rules and the condo association by-laws and the fine print.
2006-06-17 17:05:58 · answer #6 · answered by thylawyer 7 · 1⤊ 0⤋
My parents are buying a house in the same situation. The complex rents the land from the state for 99 years. With the correct Real Estate Lawyer it's not a problem.
2006-06-17 18:04:09 · answer #7 · answered by Dallas 2 · 0⤊ 1⤋
I think you can go to your city hall office to find out who owns the land and see if they are willing to sell along with the property. If there is a chance that the seller does not own the land you can also contact the office of titles and deeds. They can help you find out and locate the land owners.
2006-06-17 17:08:16 · answer #8 · answered by latunial 1 · 0⤊ 0⤋
Get an attorney. Put it in contract form with signatures of all vested parties. Your state laws mays dictate if this can be done and how to do it. Get the attorney!
2006-06-17 17:10:11 · answer #9 · answered by Anonymous · 0⤊ 0⤋
you may have a hard time selling it......if the deal seems too good to be true then it probably is.
keep looking....
2006-06-17 16:58:56 · answer #10 · answered by rooster2381 5 · 0⤊ 0⤋