01-25-2009 03:49 PM
01-26-2009 03:51 PM
You always want to see "fee" when considering buying a property. If it's "lease" that means on top of your mortgage payment, taxes and insurance, you will have to pay land "rent" to someone else & this can be very costly!
01-27-2009 05:19 PM
Yes, Jonia, Allyoop is so right - leased land can be bad news. It may be low and then suddenly reset to a very high amount. One tract in particular in Santa Ana went from $300/month to $2000/month (has been in horrible litigation for 2 years, poor owners!) There is a lot of leased land in South Coast metro and areas of Huntington Beach. If you're wondering (and I know you are) it is advantages for the owners of the land as it is an excellent tax write-off.
Land: Fee is Fee Simple. I could give you the entire explaination but here it is on Wikipedia http://en.wikipedia.org/wiki/Fee_simple. Actually pretty interesting, if you like that stuff that is. Good question by the way!
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