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06-23-2008, 02:30 PM
| | Junior Member | | Join Date: Jun 2008
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| | | Vacation home on leased land
What is the name of your state? Massachusetts
My family has owned a cottage on Cape Cod for well over 40 years. I recently learned that the cottage sits on leased land. My grandmother wants to sell because she is nervous that the owners of the land might sell the land and the lease will not be re-newed. There are hundreds of cottages that are in the same situation as us. If the owner decides not to re-new the leases what happens to the cottages? They all sit on foundations and are by no means "movable". Obviously this is a concern for us and any prospective buyers as well. |
06-23-2008, 02:39 PM
| | Senior Member | | Join Date: Nov 2005 Location: I don't know. The guys with the keys won't say. I think it's top secret info.
Posts: 10,167
| | | all of your concerns should be written into the lease. Most land leases I have seen being used as such are extremely long term leases. What is the term length on this one?
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06-23-2008, 02:50 PM
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Posts: 3
| | | I think way back when we bought the cottage the leases were long-term, perhaps 15-20 years, maybe more. But I was led to believe that in recent years the re-newal terms have been reduced to 5 years. Which is fueling the speculation that the owners want the flexibility in case they want to sell the land. However, I myself have not seen the original or the re-newed lease documents to say for sure. Is it possible that the lease is not re-newed and all cottage owners have to abandon or move their cottages? |
06-23-2008, 04:37 PM
| | Senior Member | | Join Date: Nov 2005 Location: I don't know. The guys with the keys won't say. I think it's top secret info.
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| | Quote:
Originally Posted by gohabs44  Is it possible that the lease is not re-newed and all cottage owners have to abandon or move their cottages? | yes it is.
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we are all born ignorant. It is when one fails to remedy that ignorance when they become aware of that ignorance when one proves themselves, simply, they are just plain old fashioned; dumb.
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06-23-2008, 05:37 PM
| | Senior Member | | Join Date: Feb 2007
Posts: 8,272
| | Quote:
Originally Posted by justalayman yes it is. | Moving the cottage often isn't an option. If you don't renew the lease the "improvements" revert to the land owner. |
06-24-2008, 08:51 AM
| | Junior Member | | Join Date: Jun 2008
Posts: 3
| | | We will always re-new if the option is there. What happens if the land owner does not re-new the lease and we are unable to move the cottage? Most of the cottages are 40-50 years old and I can't imagine they could be moved. |
06-24-2008, 11:46 AM
| | Senior Member | | Join Date: Feb 2007
Posts: 8,272
| | Quote:
Originally Posted by gohabs44 We will always re-new if the option is there. What happens if the land owner does not re-new the lease and we are unable to move the cottage? Most of the cottages are 40-50 years old and I can't imagine they could be moved. | Improvements revert to the land owner. |
06-24-2008, 05:04 PM
| | Senior Member | | Join Date: Nov 2005 Location: I don't know. The guys with the keys won't say. I think it's top secret info.
Posts: 10,167
| | | that is why I said read the lease. anything else is a guess.
I have seen situations that paid the building owner if the lease was not re-newed for a certain length of time. I have know situations like you suggest where the improvements revert to the owner.
without more info, we can guess all day.
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we are all born ignorant. It is when one fails to remedy that ignorance when they become aware of that ignorance when one proves themselves, simply, they are just plain old fashioned; dumb.
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06-24-2008, 06:25 PM
| | Senior Member | | Join Date: Mar 2006
Posts: 6,673
| | | Black letter law on accessions will have an improvement like a building go to the landowner, but the lease provisions always rule. Many leases require the land to be returned to its previous state.
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