Has anyone bought or knows about buying property on Tulalip reservation?
Given that it's sovereign land, how secure is the investment?
Does the tribe have any plans of reclaiming land or property?
How high is the risk of losing property to land reclamation?
What are the downsides and upsides to buying property on the reservation?
I am looking for information that will help me make a decision whether I should buy or stay clear of properties on the reservation.
Thank you for your help and input
I have had the same questions on property in the Yakima reservation. Following this thread.
I've never dealt with properties on reservations, but from what I heard, you can't buy the land itself, only the structure on the land. The land under the structure is usually leased from the tribe (some kind of long term lease). I might be totally wrong, but this is the only thing that I've heard.
Hi Tatiana, You are correct the land under the house is leased and cannot be bought. That's why I am not sure if I am getting a good deal or not.
The pool of potential buyers for property on reservation land is small. Not worth the risk.
I've seen similar deals in Saipan (CNMI). Only locals are allowed to own property, with a max 50yr lease by the renter. So businesses and homeowners do that, sometimes they find a random person to buy the land for them and put their name down as the owner just so they can meet this arbitrary rule.
I'd never do it myself, too risky for me.
Agreed, too much risk involved. Came across what seemed like a good house and an excellent price until I saw the $7,200/year land lease fee. Located at Tulalip Bay by the way.
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