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petey wrote:

Here is an example of what I'm talking about:

 

Property Information

• Detached/No Common Walls
• Land Lease Type: Fee
• Square Footage Source: Public Records
• Tax Parcel Number: 02234322
• Legal Disclosures: Real Estate Owned

 

Any ideas?

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This is a bit of a screw up from the listing agent.   Here's the scoop:

1. Fee land is a reference to "Fee Simple" land title also known as you own the land under your house.

2. There are some locations where the land is not owned by the owner of the structure.   I live in Palm Springs and leased land is quite common.   The local Indian tribe members own much of the land and lease it folks to build homes on and collect land lease rents.   Leases are typically for 25 years and have renegotiation clauses and buyout clauses.   One advantage to leased land is that home prices tend to be 3.5% to 5% cheaper and taxes are lower as the land is not considered in your home's valuation.     There are a few other areas with leased land that I know of such as Marina Del Rey and Irvine...but I do not know of any others.

The agent should have left the "Land Lease Type" value empty and indicated "Fee" in "Land Type" under Property Information on the MLS.

MG