How does leased land effect the sale of a single family home?

2 Replies

I searched some other posts but it seems like I just need to get the details of the lease? I found a seller in Maine who has a Single family home on a 7,405 sq ft lot, half the lot is empty from where an older house was torn down. The homeowner said he pays $250 a month for the lot rent because it's leased land. He said that in order for the land to be built on it would have to be bought and rezoned. How do I account for this when making an offer on the house?

@Allison Meggison I would stop into the Lewiston city building and talk to someone about the property and the requirements. I do recall there was a change recently about leased land in Lewiston and how they wanted to eliminate it, not sure what happen with that, but it is worth looking into before buying property that has leased land.