Legal Question in Real Estate Law in Minnesota
Leased Land
I am working on purchasing a lake cabin which is located on leased land owned by a farmer. the lease is for 20 years. What can you tell me about leased property? LG
1 Answer from Attorneys
Re: Leased Land
It's difficult to say too much without examining the lease and the abstract (the record showing the quality of the title held by the landlord).
Remember that the landlord can't give you any more rights touse the land than the landlord already has, so if the landlord has a title or use issue (such as lake access) it becomes your issue too.
Long-term residential leases vary in some important terms: your right to extend the lease, your right to remove improvements from the property when the lease expires, your obligations such as maintaining and repairing the cabin, etc. There's no substitute for reading the lease.
Once you enter into the lease, it is critical that it be recorded against the land so your rights continue even if the landlord's interest transfers.
I can respond to more specific questions if you e-mail me directly: