Do the rules governing a land lease differ from the rules governing a regular residential lease?
Harris County, TX
- NaturesDoctorLv 59 years agoFavorite Answer
Yes in the sense that a land lease only deals with the building the land sits on, while a residential lease deals with the rental unit or property and any common areas you are leasing.
First you need to understand why a land lease exists. In the continental US land leases are far more common with commercial property. In Hawaii land leases are very common for commercial and residential properties.
Land lease normally exist where the land is considered valuable usually because it is rare or limited, downtown areas, commercial areas along a major road, or interstate exchange, or islands like Hawaii. The person, persons or company owning the land rents out the land, and allows someone to build on the land, the building is owned by the building owner, but does not own the land under the building.
Therefore the land lease is usually very long with built in renewal periods and lease increases. The rental periods could be 20 or 30 years at a time. At the end of the rental period if the building owner does not renew the land owner receives ownership of the building unless the building is physically relocated. In Hawaii sometimes homes are relocated to a new address, but this is not possible with a large building.
When renting or buying any property with a land lease you need to know the terms of the land lease, especially if your looking for a long term lease. Otherwise if your seeking a short term lease you only need to know that the person or company you are leasing from is current on the land lease and what is the period of the land lease. Typically you will find leases and sale prices decrease as the land lease comes closer to expiration.
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