|Re: Long term leases in Oregon||<– Date –> <– Thread –>|
|From: Chuck Harrison (cfharrgmail.com)|
|Date: Sun, 19 Jun 2016 14:19:33 -0700 (PDT)|
I have no first-hand info on this, in Oregon or elsewhere, but out of curiosity I did a little googling. It seems that Freddie Mac at least is well aware of residential ground lease communities; they have formal guidelines for originating mortgage loans in this context (i.e. leasehold properties). Check their single-family and multifamily Guide documents. In particular, this arrangement is well known in manufactured-home retirement communities. However I have read that this retirement-home development model is more commonly based on short-term leases. The OP question (which seems to be roughly "can we make it longer than 99 years?") does seem to be taking a pretty long view... If you are creating a landowning corporation distinct from the condo/coop/whatever, perhaps you should put effort into writing the corporate charter so that it is effectively required to renew the lease at the end of its term. IANAL, Chuck On Sun, Jun 19, 2016 at 1:25 PM, Kathryn McCamant < kmccamant [at] cohousing-solutions.com> wrote: > > I don’t know the answer to your question regarding laws on length or > language of land leases, but I would suggest you also ask your attorney > about making sure it also allows your buyers can get mortgages (Fannie Mae > loans), unless your people have lots of money and don’t need conventional > mortgages. > > Katie > -- > Kathryn McCamant, President > CoHousing Solutions > > 241B Commercial Street > > Nevada City, CA 95959 > > T.530.478.1970 C.916.798.4755 > > www.cohousing-solutions.com > > > > > > On 6/19/16, 12:44 PM, "Cohousing-L on behalf of meadows via Cohousing-L" > <cohousing-l-bounces+kmccamant=cohousing-solutions.com [at] cohousing.org on > behalf of cohousing-l [at] cohousing.org> wrote: > > > > > Asking again if anyone who has a long term lease in Oregon knows how > long a lease can be without violating the "rule of perpetuities." > > > Our group (located in Oregon) is developing long term leases for the > "footprints" of residences. We are wondering how to phrase the term/ > length of lease (we'd like 99 years) so as to comply with Oregon's > take on the "rule of perpetuities". (We have heard that the way this > rule is interpreted varies from state to state.) Our lawyer asked us > to research this issue. > > Thanks for any help you can supply. > Christie > > > > > > > > > > _________________________________________________________________ > Cohousing-L mailing list -- Unsubscribe, archives and other info at: > http://www.cohousing.org/cohousing-L/ > > > > > _________________________________________________________________ > Cohousing-L mailing list -- Unsubscribe, archives and other info at: > http://www.cohousing.org/cohousing-L/ > > >
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