Legal Question in Real Estate Law in New York
Owned Home on Leased Property
I'm concerned about buying a summer cottage on privately held leased land. I haven't seen the lease yet, but I understand it's year-to-year. If the owner of the land decides not to renew the lease, what rights do I have? Do I lose the house?
3 Answers from Attorneys
Re: Owned Home on Leased Property
Your rights should be spelled out in the lease. Once you receive the lease, and prior to signing it, you should consult with an attorney who will explain fully what your rights/obligations are.
Re: Owned Home on Leased Property
Your purchase of the house is subject to the terms of the lease, whatever they may be. The seller should provide a copy of the lease. You will determine who owns the fee interest through a title search. You may then want to seek an agreement from the fee owner on extension of and non-disturbance as to the lease. Feel free to call me at 212-367-9167 to discuss this in further detail. I do not charge a fee for the intiial consultation.
Re: Owned Home on Leased Property
Only if you can't move the house elsewhere.
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