99-Year Lease Where To...?
Hi Group,
Wondering if anyone knew any sources, tips, or places where I could get more information on the 99-year lease concept. It's often used as a way to secure property that might not be for sale.
Thanks,
Angel
Me too any help? If the tenant/builder defaults on his loan to the bank and the bank forecloses on the building what recourse does the lessor have?
If the lessee defaults on his lease payments does the Lessor evict or foreclose, and does the Lessor get to keep the developed building? Who is then responsible for the Mortgage payments on the building structure?
I have NO experience with this but I would probably start out with your mortgage broker and real estate agent and find out about the local perception of the concept and if you will find problems with financing.
It is of my understanding that this often happens more on commercial properties than residential and more often in large cities than smaller.
GOOD LUCK and please write an article about what you learned! I am VERY intersted! THANKS