Posted by Steve Tiemann on May 24, 2005 at 21:42:43:
It sounds like you are talking about entering into a long-term ground lease with the water district.
Ground leases can work if you carefully negotiate the terms and conditions, such as your time periods for curing a default, and if you get at least a 50-year term.
You will need the assistance of a real estate attorney because there will be some due diligence of the property, and due diligence concerning the water district’s statutory powers.
Leasehold property in Texas - Posted by Billy De Kid
Posted by Billy De Kid on May 24, 2005 at 18:28:07:
I am considering buy a “Leasehold” property offered by a Water District in Texas. All property in the area is Leasehold and most have huge homes built on the property. I assume it is safe because of the existing lease holders and the homes they have built. However, since I am a real estate novice, I am very skeptical about investing in this type of property.
Any advise would be appreciated.