Title Help - Split the Fee / Retain Land and Convey improvements only - Posted by DougO(NM)
Posted by DougO(NM) on January 19, 2000 at 14:57:06:
I am reading AD Kessler “Fortune at your feet” I am interested in his discussion on “Yanking the Land”, as I am in the process of researching the pros, cons, and technical considerations to do this. I am wanting to develop a subdivision, (which I believe will be easier to get through P&Z than a manufactured (mobile) home community, retain title to the land and lease it to the homebuyer. I would develop each lot using a manufactured home, ground level set with a permanent foundation, I want the homebuyer to be able to qualify for conventional finance terms and rates, to make this an affordable development in an expensive area. I have spoken with a large lender that says all they require is a lease at least 5 years longer than the mortgage. Does anyone know what language in the deed accomplishes splitting the interest in the land and the improvements ? Also, what kinds of problems might a title company and lender face under this scenario ?
Thanks for any help and insights you may have