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.
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.