I will have a situation where I will be most likely signing a ground lease, yet to be formulated with an older owner of the land.
This will be hopefully my first deal.
Owner is 82 years old and may die any moment or live another 5 - 10 years, who knows. What happens if owner dies and family takes over or the property is sold. What then, do I have a valid lease or it;s invalid and have to start a new one with new owner? Or should I have some kind of easement done and recorded to survive the new owner and family takeover or sale of the land (if this would even have any legal stands?)
What are your thoughts?
Your groundlease needs to have a paragraph stating that the lease is binding on any future owners, heirs and assigns. You need to have your verbage approved by an attorney. You will want to record the lease, if possible. Have the attorney review that, also.
A good lease will not be in jeopardy if an owner dies.