REBECCA REEVES,
Agent, Baltimore, MD
About half the properties I list/sell in Patterson Park, Butchers Hill, Fells Point, Canton, Federal Hill, Locust Point, Bolton Hill, Charles Village and even some in the county have a ground rent. Technically as the others have said that means that the property is a Lease Hold - someone besides the homeowner technically owns the ground the house sits on - however the GR HOLDER HAS NO CONTROL OVER THE PROPERTY other than to collect ground rent. There's some interesting history there - for another time.
Usually it means you might pay $13-$150 a year in ground rent. I've had some with a 1cent Ground Rent. And yes you can ask the seller to "redeem it" which just means to buy out the lease hold, and that is a few hundred to a few thousand dollars. Often the GR holder cannot be found in which case you pay approx 6 yrs GR into an escrow account and if no one shows up to claim it you have redeemed the GR. There are plenty of 'fee simple' houses ( no GR) to buy BUT the GR is a no brainer and usually those houses are priced just a smidge better to compensate for the perception that GR is a negative. Just get yourself an agent who knows how to handle it and you're good to go. I'd just like to be heir to the Ground Rent fortune or the Form Stone fortune! Happy Hunting and good luck. Rebecca Reeves - rreeves@cbmove.com
Usually it means you might pay $13-$150 a year in ground rent. I've had some with a 1cent Ground Rent. And yes you can ask the seller to "redeem it" which just means to buy out the lease hold, and that is a few hundred to a few thousand dollars. Often the GR holder cannot be found in which case you pay approx 6 yrs GR into an escrow account and if no one shows up to claim it you have redeemed the GR. There are plenty of 'fee simple' houses ( no GR) to buy BUT the GR is a no brainer and usually those houses are priced just a smidge better to compensate for the perception that GR is a negative. Just get yourself an agent who knows how to handle it and you're good to go. I'd just like to be heir to the Ground Rent fortune or the Form Stone fortune! Happy Hunting and good luck. Rebecca Reeves - rreeves@cbmove.com
Tina Beasley,
Broker, Richmond, VA
Damon,
The link that Zach posted below does give you the best information. However, be aware that you can ask the seller to redeem the ground rent for you and then you will own the property in Fee Simple (which means you own the house and the ground that it is on). Baltimore is different in having this kind of ownership. It goes back to the days of kings owning property and renting the ground to their subjects. Not too many states have this type of ownership, so it does make Baltimore interesting. Give me a call if you need help finding a home. It would be my pleasure to help.
Tina Beasley
Associate Broker
Real Estate Professionals, Inc.
443-243-1832 Cell
410-928-9740 Office
The link that Zach posted below does give you the best information. However, be aware that you can ask the seller to redeem the ground rent for you and then you will own the property in Fee Simple (which means you own the house and the ground that it is on). Baltimore is different in having this kind of ownership. It goes back to the days of kings owning property and renting the ground to their subjects. Not too many states have this type of ownership, so it does make Baltimore interesting. Give me a call if you need help finding a home. It would be my pleasure to help.
Tina Beasley
Associate Broker
Real Estate Professionals, Inc.
443-243-1832 Cell
410-928-9740 Office
Web Reference: http://www.tinabeasley.com
Zach Hosford,
Agent, Timonium, MD
Hello Damon,
For a very accurate description check out Live Baltimore @ http://www.livebaltimore.com/resources/groundrent/
That will answer your question and if I can be of any more assistance just ask!
Sincerely,
Zach Hosford
For a very accurate description check out Live Baltimore @ http://www.livebaltimore.com/resources/groundrent/
That will answer your question and if I can be of any more assistance just ask!
Sincerely,
Zach Hosford
Web Reference: http://ZacharyHosford.com
