Agent

Some forms of real estate a lose-lose situation

Buyers should think twice about leasehold estate

DEAR BOB: Please explain the pros and cons of leasehold estates. We live in a development with 99-year land leases. Many residents think the land lease is a good deal. I don't. At what point in time will our house become unsaleable? --Robert S. DEAR ROBERT: Buying a house with a 99-year land lease is fine for the first few buyers (because those owners won't be around when the 99-year land lease expires and the title to the houses reverts to the leaseholder). Purchase Bob Bruss reports online. Unless you have an option to acquire the title for the lot beneath your house, as the years go by your house becomes worth less and less. By the 99th year your house becomes worthless. After the lease expires, ownership of the structures on the land reverts to the landlord. For full details, please consult your attorney or tax adviser. WHAT IS A LIFE ESTATE? DEAR BOB: What is a life estate? My mother-in-law owns two properties subject to a life estate. She deeded one parcel to my husband. Is that ...

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