Land Lease Ownership Question
I spend most of my time answering questions in the development forum here but now I have a question that i thought was simple but maybe not and I am posting it here as it involves transfer of ownership.
I am looking at a property that has a structure on it that sits atop land on a land lease. Said structure is vacant and we want to convert it to a commercial space for which the area is already zoned so no issues there. So here is my simple question: How is ownership of a structure located on land lease property transferred from one entity to another. The land will remain in the existing owners name and we would control/"own" the structure atop the land. I understand how land leases work but I have never gotten personally involved in a land lease property, nor have been involved in a transfer in ownership of a structure on a land lease. Obviously there would be no title to a structure....??
So, how does one transfer ownership of a structure built atop a land lease?
This site is going to make a great restaurant when I get it all done so thanks for your help.
Normally a bill of sale is used to transfer personal property, which is everything but realty.
Think of selling a car...one transfers the title/registration on state records, but it's assumed that a bill of sale is taking place too.
When a dealer sells, he will use a bill of sale and a transfer of registration, but one individual selling to another normally just uses the state's registration transfer procedure without a formal BOS.
If it's not a motor vehicle, that has to be transferred on state records, then a simple letter to be signed by both S & B outlining the deal, what the B's paying, etc., should suffice.