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Land is Leased |
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I'm thinking of buying 2 commercial buildings however the land is a 99 year lease from the rail road the lease was written in 1966 Will the lease only be good thru 2065? Also please tell me of the any down falls to this |
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Yes, in 2065 the land and any buildings on it would belong entirely to the railroad (or whatever had taken over its assets--we probably even have railroads by then --and why am I saying "we"?)
There's no telling what would happen in 2065. But as that year drew nearer, the property would probably be worth less and less, because buyers would realize there might be real problems when the lease expired.
Before buying such property, I'd hire a qualified commercial appraiser to analyze the situation and explain things to me. |
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Edith
Originally published on April 15, 2008 |
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