We are buying a single family house. I thought that buying a house mean you also own the yard or lot that the house is on. One of my friend asked me if I own only the house or the house and the lot? sorry if I confuses you..but is it possible to own just the house and not the lot?
2007-10-23 09:53:31 · 7 answers · asked by nn 2 in Business & Finance ➔ Renting & Real Estate
Yes, it's possible.
There are leasholds of terms up to 99 years.
There is also common ownership of land, as with condominiums.
But usually, you are really buying the land, and the house comes along because it's appurtenant.
If your title policy says the land is a fee, you own the land
If it says condominium, you have a communal interest in it.
If it says leasehold, all you're doing is renting the right to use the land.
2007-10-23 10:35:07 · answer #1 · answered by Searchlight Crusade 5 · 1⤊ 0⤋
It is possible to own the house and just have a lease on the lot. Normally this is with mobile homes but it also occurs with other properties such as on lakeside lots owned by the corps of engineers.
Your paper work from the closing should let you know. Did you have a survey that shows the boundary of your land? Does your contract say you own land at a certain legal description?
2007-10-23 10:01:11 · answer #2 · answered by glenn 7 · 0⤊ 0⤋
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2016-12-15 07:35:40 · answer #3 · answered by ? 4 · 0⤊ 0⤋
It is possible to own the house and not the lot. Hawaii property is normally on a 99 year lease. Ask the seller. Take a look at the deed if it is fee simple.
2007-10-23 09:58:18 · answer #4 · answered by William H 5 · 2⤊ 0⤋
Yes, it is possible, but relatively rare. There are structures (mostly commercial) where the title only covers the improvements on the lot. Generally, these are built on lots/property where an extremely long term lease covers the use of the real estate itself.
It's rare in conventional residential housing, but I'm sure it exists here and there.
2007-10-23 09:58:21 · answer #5 · answered by acermill 7 · 1⤊ 0⤋
It is possible that you can only on the home and not the land but it is also very unlikely. If you not paying an extra fee for your home being on the land then it is safe to say that you also own the land.
2007-10-23 10:09:33 · answer #6 · answered by young2bballin 2 · 1⤊ 0⤋
Normally when you buy a home it includes the lot. The homeowner generally has only surface rights to the property though.
2007-10-23 10:02:36 · answer #7 · answered by WildMan 2 · 1⤊ 0⤋