This is why you never buy a house on land you don't own
read here this is the latest article, the other one was a year old. This would apply to RV sites as well and fairly common in Florida.
Forum Discussion
If you buy a home on a land lease... you should expect to leave peacefully at the end of the lease.
Adjust what you pay accordingly. All costs should be lower than typical full rent for a similar place or you paid too much.
My first condo I bought was on leased land with 57 years remaining. Bank will want a lease 5 to 10 years longer than the loan. I sold while the new buyer could still get a 30 year mortgage. Still made money on the deal.
Adjust what you pay accordingly. All costs should be lower than typical full rent for a similar place or you paid too much.
My first condo I bought was on leased land with 57 years remaining. Bank will want a lease 5 to 10 years longer than the loan. I sold while the new buyer could still get a 30 year mortgage. Still made money on the deal.
