You are here:
- Home
- Real Estate
- Home Buying/Selling
- Buying or Selling a Home
- owning my ground rent to my home
Buying or Selling a Home/owning my ground rent to my home
Advertisement
Question
hello, I have own my home( in balto,md) for the past 5 years now and I like to know how can I own my ground-a.k.a groumd rent? every year I get a bill from the ground rent owner but I rather have full control of my own property. Being a first time home buyer I did not know or was told that this was and additional charge that was attached to my home and that i could buy it from the owner.Listening to others is how i found out. Thanks for your advice
Dear Shanae;
I don't know why your particular home ownership involved buying the home but not owning the land it was on (unless it was a conominium development.) There are, however, situations where the land owners will rent the land for residential use with the agreement that they retain ownership and rental rights. If the original owners decided that this was the way they wanted to do it they recorded the plan for the subdivision with the county and set it up so that they would get continuos income. The only way to find out for sure is to contact the county (or the owner to discuss this). I find it difficult to believe that this wasn't disclosed to you when you purchased the property. If you read your documents it is undoubtedly all in there. I am sorry to say that it is unlikely that you will be able to own your land by arranging to purchase it from the owner. My best advice to you is to sell your home and buy something that is fee simple where you own the entire property.
Best wishes,
Jessica Bryan
Related Articles
Answers by Expert:
- Dick Dennis
- Jessica Bryan
- liznarr
- Hans Weber, Licensed Broker Associate
- Sue Bernstein
- Karyn Foley
- Dottie Worthington
- Jim Root
- Russel Ray
- Connie Wildasinn-Broker,GRI,RealtorŪ
- Todd C. Menard
- Diann Tonnesen
- John Hendricks
- Jay Denit
- Matt Heisler
- Lisa Webber
- John
- Laurie Stephenson
- Marvin G. Bobbitt, III
- Nori J. Muster
- Sharon Huneycutt, Realtor, Associate Broker, GRI, e-PRO
- CJ Brasiel
- Jeff Kessler
- Kathryn Hisert
- Emily
- Ted Lewis
- Kerrin Kostelic, FL Broker Associate, GRI, AHWD
- Tim Norris
Jessica Bryan
Expertise
buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.
Experience
Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.
©2012 About.com, a part of The New York Times Company. All rights reserved.