Ground rent - lease holder
Dear All,
I am purchasing a Baltimore city property from an owner. We will close in next Friday, but today, we realized it's a leasehold property (subject to ground rent) instead of fee simple. However, the owner has no information about the leaseholder. The property is also not registered to the city as leasehold. It seems there is no knowledge of the leaseholder for many years. The property was built in 1941. From the website, https://livebaltimore.com/city-living-essentials/g...
it looks like if I can't locate the leaseholder, I can redeem the lease through the city. The leasehold property seems not a big deal but I would like to confirm with experienced investors that it is not a deal killer, such as potential legal issue ...etc. Appreciate your insight!
Sincerely,
Ken