All Topics / The Treasure Chest / Lease on land

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  • Profile photo of sushi03sushi03
    Member
    @sushi03
    Join Date: 2003
    Post Count: 33

    Hi All

    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

    Regards
    Alex

    Profile photo of sushi03sushi03
    Member
    @sushi03
    Join Date: 2003
    Post Count: 33

    Hi again

    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

    Regards
    Alex

    Profile photo of SooshieSooshie
    Member
    @sooshie
    Join Date: 2002
    Post Count: 974

    Hi Alex,
    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?

    Cheers
    Sooshie [:)]
    icq # 313541953

    “Giving is a Blessing, receiving is the bonus”

    Profile photo of sushi03sushi03
    Member
    @sushi03
    Join Date: 2003
    Post Count: 33

    Hey Sooshie
    That sort of explains a few things.

    I have been great thanx! Been doing lots, got my structure set up and doing a lot of research.And U?
    Thanks for your help

    Regards and happy hunting
    Alex

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