RSS

Leasehold property

I currently have a condo for sale at 210 3629 Deercrest. North Vancouver

 

This is a leasehold property, I often receive questions on what a leasehold property is about.

 

In a leasehold property  ownership;  the buyer does not own the land. 

 

The Purchaser owns the improvents and structure on the land but leases the land from the owner ( developer). This lease is called a head lease. The lease can vary in length of time, but usually is at least 50 to 99 years. The developer, in this case, leases from the First Nations Band.

 

The Purchaser becomes part of a corporation with shares and registers an interest as a leasehold tenant. It sounds much more complicated than it actually is... 

 

The benefits of leasehold property is that the cost is less expensive than a freehold property. The location of the property is usually in an area where it would be too expensive to purchase Freehold property and there is no property tranfer tax asscociated with the sale. 

 

If you have question, I would be happy to answer them!

 

Carol Palfrey

Macdonald Realty

604 818 7422

carol@macrealty.com

Comments:

No comments

Post Your Comment:

Your email will not be published
Categories
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.