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Updated 8 days ago,
NC residential equivalent of a NNN lease?
[NORTH CAROLINA]
Hello,
Is there a way i can create a lease for just the land, but not the house, or have a NNN residential equivalent?
Context, i bought a house at a foreclosure auction. I mainly bought it for the land, do not intend to rent it out for cash flow or what not.
It is currently occupied by the previous owner. Instead of evicting them, i was thinking is there some way that I could rent it back to him for very cheap (mainly to cover just the taxes/ insurance) ie 2k a year rather than the going rate of 2k a month for similar properties. However, i dont want him to be able to sue me for "the water heater isnt working" "the ac isnt working etc..."
Also I dont know the state of the house ie is it completely derelict and trashed or what not, as previously stated i dont care about the house, just the land. In all likely hood, in 5-10-20 years the house will be bulldozed completely.
I think this arrangement can suit both parties, he wasnt going to be able to keep the house but can still live there for super cheap. Alternative is the sherif evicts him and I pay tax and insurance.
I know we can have a gentleman's agreement on these things, but im still afraid he might be able to legally sue me if we have a legitimate residential lease? I was thinking about something like an Estate At Will lease?
Thank you all