Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
I was having a brief online discussion with @Jay Hinrichs about the regional differences in real estate throughout the country. I was curious what everyone else thinks is the weirdest local custom or law you have in your market. Although if it is in your market, you might think of it being perfectly normal...so perhaps you might chime in with something that seems weird from another market.
In my market, I think one of the more interesting oddities is a system of Ground Rent we have in our area. It occurs primarily in Baltimore, but is also found in random other spots in Maryland and Virginia. In Baltimore many of the properties you buy you are technically only buying the physical structure while someone else owns the land and you pay them rent on that land. The owner of that land might be known, or might not be known.
Fantastic question @Russell Brazil. It's especially relevant in a 1031 situation because it is the state that determines the definition of real estate. For instance, Working and royalty interests in oil/gas/mineral projects are like kind to investment real estate. That makes for some very interesting scenarios in places like TX, OH, PN and ND where cold oil rich farmers can trade sell their interests and use the proceeds to buy a snow free condo on Miami Beach.
Likewise, mobile homes when driving down the road with a license plate are personal property. But when that mobile home is attached to a lot with a tax parcel id it becomes real estate.
Down here in La La Land there are two other very interesting non real estate types of real estate - dockminiums and rackminiums. These are critters where boat slips or racks in a boat storage facility have been condominiumized with tax deeds. That hole in the water where you park a boat is real estate in Florida and eligible for 1031 treatment - go figure!!!
I work in Waldorf Maryland and find it interesting that in some counties like Prince George County you can not decline a potential tenant based on there source of income. In other words you can not decline a renter because they are on section 8. However in other counties, like Charles County where I live, that is perfectly fine to do so. When I work with landlords around here I often run into tension when I tell people the owners "are not participating in the section 8 program at this time" and then I have people trying to tell me that the owners HAVE TO accept section 8. I then very politely inform them that there are Federal, State and County level Fair Housing laws and in our county you can decline someone based on there source of income.
@Malcolm Lawson I think the more interesting one, though it doesnt come up very often is that in certain MD counties, and DC political affiliation is a protected class. Without that, a number of those people working on the Hill wouldnt be able to find housing.
HAHA Just looked it up "Political Opinion: The opinion of persons relating to government, the conduct of government, political parties, candidates for election or elected office-holders. (Harford, Howard and Prince George’s Counties)"