People ground leases can help:
- People that want FHA financing – For an FHA Loan a buyer needs to get the price of a home to $441,000 or under – we can help
- People who can’t quite afford the home they want to buy – we can help
- Buying any home— they get the discount and own and stay in their new house and so can their children (99 year lease)
- Older people living in a home—-can get cash and own and stay in their home along with the next generation of their families (99 years lease)
- People who just like a home we have purchased and are happy with the reduced price that we can offer due to the ground lease.
- People who like an additional discount of $30,000 to $80,000 on a house they are buying
Arizona Leasehold Statutes
- Leasehold Tenure
Arizona real estate law is based upon English common law where this form of tenure has a long history. Under the common principles adopted in Arizona once a lease is assigned to a lessee, title to the improved building lot is divided into a present and future interest. These interests are described below:
- PRESENT INTEREST: As provided in the Arizona Revised Statutes, the lessee’s present interest is an “estate for years.” ARS ESTATES §33.201. It is an “Estate in possession” in which the lessee has “immediate right to possession of the land.” ARS ESTATES §33.203.
- Future Interest: As provided in the Arizona Revised Statutes, the lessor’s future interest is the type of “expectancy” classified as a “reversion“ — “it is the residue of an estate left in a grantor [lessor] or his heirs, or in the heirs of a testator, commencing in possession upon the determination of a particular estate granted or devised.” ARS ESTATES §33.204.
What Arizona law Means to you
Under Arizona law when you buy a home that has a ground lease on it – you (The lessee) have an absolute right and title to the home and an absolute right to be on the land for the next 99 years. The lessor has no rights of ownership for the first 99 years except to collect the monthly leased fee rent.