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Margaret Bur…, Other/Just Looking in New York, NY

Land lease vs. fee simple

Asked by Margaret Burton, New York, NY Mon Feb 18, 2013

Can a land lease condo at On Top of the World be homesteaded or must it be a fee simple condo? Does it make a difference?

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5
FYI, On Top of The World has both fee simple and land lease buildings...
0 votes Thank Flag Link Tue Feb 19, 2013
Homestead and Fee Simple are 2 different questions. Top of the World are topically condos which would require a condo fee. Fee Simple usually is with a single family home and some town houses.
0 votes Thank Flag Link Tue Feb 19, 2013
there is no relationship between homestead status and whether or not ownership of a condo is passed through a "general warranty deed" or a "warranty leasehold deed". if the condo you own is your principal residence, you may apply for the homestead exemption.

in the community where i live (On Top of the World), most of the condos are in buildings resting on leased land. the lease term for each is 99 years from when the building was constructed.
0 votes Thank Flag Link Tue Feb 19, 2013
No difference as it pertains to real estate taxes, except that since you do not own the land, there are no taxes paid by you on it. You do have a monthly or annual lease payment thru the Condo Association.

Bill Szydlowski
813-323-4443
0 votes Thank Flag Link Mon Feb 18, 2013
No difference when homesteading...
0 votes Thank Flag Link Mon Feb 18, 2013
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