I currently have a condo for sale at 210 3629 Deercrest. North Vancouver
This is a leasehold property, I often receive questions on what a leasehold property is about.
In a leasehold property ownership; the buyer does not own the land.
The Purchaser owns the improvents and structure on the land but leases the land from the owner ( developer). This lease is called a head lease. The lease can vary in length of time, but usually is at least 50 to 99 years. The developer, in this case, leases from the First Nations Band.
The Purchaser becomes part of a corporation with shares and registers an interest as a leasehold tenant. It sounds much more complicated than it actually is...
The benefits of leasehold property is that the cost is less expensive than a freehold property. The location of the property is usually in an area where it would be too expensive to purchase Freehold property and there is no property tranfer tax asscociated with the sale.
If you have question, I would be happy to answer them!
Carol Palfrey
Macdonald Realty
604 818 7422
carol@macrealty.com
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