Property Q&A in Colchester>Question Details

Sheryl, Home Buyer in Fenner, NY

What does a 20yr land lease mean?

Asked by Sheryl, Fenner, NY Mon Oct 1, 2012

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This question is about this property: http://www.trulia.com/property/1068606546-63-Causeway-Rd-Col…

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Hi Sheryl,

Many lakefront properties in our area are on leased land, not owned land. This means that in addition to your mortgage, etc, there is a yearly lease fee for the property. In this case, the lease entered into at the time of purchase would be for 20 years, and then based on the current status of the lease can be renewed under specific terms. I have posted a link below to both a draft of the lease, and for more information on the property (when you click on the property link there is a paperclip icon at the top that will allow you access to a copy of the draft lease along with other documents for this property). If you have any other questions please feel free to ask.

Draft Lease
http://www.nnerenmls.com/nne/pdf/417691210.pdf

Property Information
http://www.nnerenmls.com/nne/maildoc/des380_1349112315-Oct-0…

Bill Desautels
RE/MAX North Professionals
p: 802.861.6217
e: bill@movevermont.com
0 votes Thank Flag Link Mon Oct 1, 2012
Thank you Bill. So that is a significant expense to take into consideration in the purchase. Thank you for the explanation.
Flag Mon Oct 1, 2012
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