2007-07-23 16:09:19 · 10 answers · asked by Failing ECO 3 in Business & Finance ➔ Renting & Real Estate
It all depends. If the property is considered fee simple, then you own the land. But you have to check the title report to see what rights and encroachments are allowed.
Some land are leasehold. This is common in indian areas, railroads, etc. The banks make sure their is sufficient time left on the leasehold before they will lend on the house.
Condos and Townhomes are typically just the airspace of the unit. The land is common area that is shared amongst the tenants.
So check your preliminary title report for how the land is held.
I hope this helps.
2007-07-23 21:36:37 · answer #1 · answered by lenderjayne 3 · 0⤊ 0⤋
Usually. There are some places where you would only be buying a leasehold, rather than the land itself. If this is the case, you need to understand the details of the leasehold so that you don't end up living in a house that is on land you can't re-lease.
2007-07-23 16:16:36 · answer #2 · answered by aj485 5 · 1⤊ 0⤋
Yes, you not only buy the house but the property it is on as well... in most cases you will know exactly just what is yours and what is not. They usually do a survey of the land before it goes up for sale so you know exactly where your property lines are... it is also on public record for each house and the property it is on.
2007-07-23 16:13:51 · answer #3 · answered by Karen 3 · 2⤊ 0⤋
Actually the land is the primary thing you are buying the home is considered an improvement in most states. Both the value of the home and property will be on a property tax bill unless there is some kind of easement.
2007-07-23 16:16:03 · answer #4 · answered by JCBahr 2 · 1⤊ 1⤋
Most of the time but some place like Hawaii you don't buy the land it is a leasehold so make sure you read your contract carefully to make sure the land is included.
2007-07-23 16:15:38 · answer #5 · answered by C C 3 · 0⤊ 1⤋
Yes. The land itself is the majority of a homes value. When you get your insurance on the home, you'll notice the cost of replacement for the entire home is on average 30% of the total value.
2007-07-23 18:13:33 · answer #6 · answered by Justin 3 · 1⤊ 0⤋
Yes you are buying the house and the lot that it is on
2007-07-23 16:17:04 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Yes (usually), but you aren't buying the mineral rights (usually).
2007-07-23 16:14:05 · answer #8 · answered by Nelson_DeVon 7 · 0⤊ 0⤋
Yes, but you don't necessarily have mineral rights for what might be below the ground.
2007-07-23 16:23:44 · answer #9 · answered by Judy 7 · 0⤊ 0⤋
yes
2007-07-23 16:20:34 · answer #10 · answered by ***** 2 · 0⤊ 0⤋