Just saw a house in WA where there is a lease on the land for $1000 a year and it expires in 2014.
Can anyone tell me what this is all about???
any help appreciated.. Thanks
Just thought i would add..
purchase price is $44000
rents at $100/week
rates are $500 /year so the lease on land is on top of the above
AlexSooshieMember@sooshieJoin Date: 2002Post Count: 974
I was talking to a RE in WA and he explained that whilst you purchase the house, the land is actually not owned by you but leased to you by the shire/council (or whatever they call it in that part of the state). So in fact you actually pay a fee to lease the land from this entity (like rates). I guess it’s like having a caravan/cabin in a caravan park, where you might own the cabin, but you have to pay rates for the area the cabin occupies.
It’s an interesting concept and I hope I’ve helped somewhat. Someone else may be able to expand on this for you.
By the way, how have you been since the seminar?
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