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04-07-2009, 01:51 AM
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Junior Member
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Join Date: Apr 2009
5 posts, read 2,504 times
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Could Anyone Explain the Terms of a Land Lease
My family is looking to possibly buy a beach house at one of the Delaware beaches, but as we are not millionnaires, it will most likely be a mobile home. I have already read a lot of great info from some of the other threads regarding land leases, but I still have one question that I can't seem to find any information on: how long is the term of a land lease in most mobile home communities? Is it renewed every year, five years, ten years, etc?
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04-09-2009, 01:07 PM
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Real Estate Agent
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Join Date: Sep 2008
334 posts, read 141,105 times
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There is no standard term for the lease . Each community may have different requirements. Many of them would be yearly ..that is to say the rent can change yearly. In Sussex county some locations like Lewes may have 99 year-leases which for all practical purposes is like being able to use the land for foreseeable future but not actually owning it.
I don't know if this helps you any .. but did not want to leave your query go unanswered any longer.
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04-10-2009, 07:31 AM
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Senior Member
Status:
"getting ready to decorate for Christmas !!!"
(set 2 days ago)
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Join Date: May 2007
Location: magnolia
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There is a whole topic on this subject named
"Land lease verses owning the land."
Hope this helps
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04-13-2009, 08:32 PM
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Junior Member
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Join Date: Apr 2009
5 posts, read 2,504 times
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Thank you both for the information. I really appreciate it!
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04-19-2009, 11:24 PM
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Senior Member
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Join Date: Feb 2009
2,368 posts, read 1,370,392 times
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Quote:
Originally Posted by melissa.tate
My family is looking to possibly buy a beach house at one of the Delaware beaches, but as we are not millionnaires, it will most likely be a mobile home. I have already read a lot of great info from some of the other threads regarding land leases, but I still have one question that I can't seem to find any information on: how long is the term of a land lease in most mobile home communities? Is it renewed every year, five years, ten years, etc?
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It is really up to you and the property owner how long he/she entails the land with a lease, as long as there are no laws to the contrary.
But if it is considered a rental, then default rental terms are one month!
good luck! |
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