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99 Year Lease

keoki profile photo
  • Friday, August 08, 2003 @ 06:53 PM EDT
  • 2 Comments

This may sound stupid, but can you do a 99 year lease for the land and build condo's with the objective of selling the indivdual condo's.

Comments(2)

  • no photo
    Davidccrc8th August, 2003

    Not stupid.
    Yes.
    But, you have to disclose to the condo buyer, that they are buying the improvement, not the land. I am not sure if they have a right to the land, once they buy the building. Since removing the condo would destroy it, it is considered a fixture. I guess technically, you would not be able to "evict" after 99 years, because the owner of the condo would have right to keep his property. And unless the relationship were previously disclosed, and agreed upon, the owner of the townhouse would have rights to the land, not unlike tenancy in common.
    Even if both parties did agree upon the relationship, I would think a court would throw it out in 99 years. If the state has homestead rights, and the owner is living there, you would not be able to evict, and you would lose rights to the land.

  • no photo
    keoki8th August, 2003

    Thanks, I think we've worked it out....the old man that owns the properties that we are going to tear down and build storefront/condo's on just wanted some sort of legacy to leave to his grandchildren. We've basically come to an understanding that he will own the commercial space to do with as he please's and we will own the condo's to do what we want with. So thanks

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