I just purchased some commercial property from my local county tax. There are 4 billboards on the parcel. My questions are does the lease with the previous owner hold up with me being the new owner? Also what does Lamar Billboard company typically pay annually for 4 billboards that are lighted and on a single pole to the property owner? Thank you
Have you done a thorough title search? An attorney will be able to answer with state specific information, but unless the property taxes are outrageously expensive it would be unusual for Lamar to allow it to get to a tax sale. My suspicion is that there may be easements with assigned leases for the billboards and someone else is collecting that money. Hopefully that's not the case, but if so you'll be out of luck.
Lamar doesn’t own the property the billboard are on. It is almost always leased. A tax lien superecedes any other lien and always takes first position
There is no easement I researched it Friday morning
When I refer to Lamar not allowing the property to get to tax sale, I mean that thwy generally have a clause in their lease that allows them to take the owners payment and pay the taxes to prevent it from going to tax sale.
Did you order a search or just check your deed? Sometimes easements or parcels get left off the original deed. I own a property that clearly shows 4.5 acres in the deed. After days of research I found 4 other deeds that took parcels. I'm left with about an acre. None of it was properly recorded in my dear. Hopefully that's not the case. But I find it highly unlikely that you acquired 4 billboard leases in a tax sale, unless the owner of the property died and has no heirs, or the property taxes are outrageous. That's just a wild scenario and you're night my lucky. I hope you are!
Also, although in theory a tax lien supersedes all other liens, that doesn't always turn out to be the case. At least here in Pennsylvania, the parties have to be notified. So if the easement was never properly recorded in your deed, the county will not know there is an easement. Therefore they will not notify that party. Which means their rights to the easement are likely not affected. You can always call Lamar and ask who they're paying the lease to.