what is lot rent?

Asked by fadams2009, Myrtle Beach, SC Sat Feb 2, 2013

This question was asked from this property: http://www.trulia.com/property/3094161096-610-Reef-Rd-Myrtle…

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The Kingsmore…, Agent, Murrels Inlet, SC
Sat Feb 2, 2013
This is when the buyer only owns the structure on the land and has to pay rent to the person who owns the land...Good example is mobile home park where the land is owned by a different person than the than the person who owns the mobile home.
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Bill Charlson, Agent, Myrtle Beach, SC
Sat Feb 2, 2013
Lot rent, is just that, you are renting/leasing the dirt and you own the house or mobile home, often refer to as personal property. Often these lot leases can be lock in yearly or for longer period of times such as 99 years. So if you elected to sale down the road the lot / lease would convey along with the purchase. Keep in mind you receive no tax ratification / deductions for leasing the land.
Hope that is helpful. Please feel free to contact me with any additional questions you may.
William Charlson
Legends Real Estate
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Ginny Whipple, Agent, Myrtle Beach, SC
Sat Feb 2, 2013
Lot rent is the term used for rent ot have your mobile home on leased land. It often includes water and sewer, pool etc. For more information, call me!

Ginny Whipple
Dockside Realty Company
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