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Updated almost 8 years ago on . Most recent reply
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What Is The Weirdest Local Custom or Law Regarding Real Estate?
I was having a brief online discussion with @Jay Hinrichs about the regional differences in real estate throughout the country. I was curious what everyone else thinks is the weirdest local custom or law you have in your market. Although if it is in your market, you might think of it being perfectly normal...so perhaps you might chime in with something that seems weird from another market.
In my market, I think one of the more interesting oddities is a system of Ground Rent we have in our area. It occurs primarily in Baltimore, but is also found in random other spots in Maryland and Virginia. In Baltimore many of the properties you buy you are technically only buying the physical structure while someone else owns the land and you pay them rent on that land. The owner of that land might be known, or might not be known.
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@Russell Brazil lots of land leases in Hawaii.... was not aware that was the case in your area..
one oddity in the NW west is how Timber is treated as real property while its standing and is personal property after it is severed and harvested.
So you can buy and sell timber deeds .. you can 1031 timber deeds.. and this is just the standing timber does not effect the land underneath.
- Jay Hinrichs
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