Camp Lot Leasing
Major paper companies currently own a large portion of the State of Maine. Many areas have been developed as leased lots. Some of these lots are located on lakes, ponds, or rivers. The land is leased and a cottage or camp is built on the lot. The lessee owns the building, and the land itself is leased. Currently, there are no "bare" leased lots available. Almost all of the leased lots have been built on. From time to time, a cottage owner sells a cottage and transfers the lease to the new owner. The lease fee generally runs about $1300 to $1500 dollars per year, depending on lot location and the policies of the company you are leasing from. Lease fees are payable yearly. Lease terms generally run 1 - 5 years, depending on the company you are leasing from.
The camps or cottages must comply with state and local building rules and regulations. Some have indoor plumbing, most have privies or outhouses, and no electric service. Each company has its own set of requirements in addition to state and town codes.
OK, What's the worst case scenario?
You may be asked to purchase your land from the company you are leasing from. Most people are happy to buy the land, however it could be a hardship on some. Of course, owners always have the right to put a camp or cottage up for sale, if they do not wish to buy the land.
Knadler Real Estate will conduct closings on leased property in order to safeguard your interests. Keep in mind that the paper companies have their own interests in mind. We will prepare all the necessary documentation and paperwork, and most importantly, we will check to see whether or not there are any recorded outstanding loans or liens on the property you are planning to purchase. Please go to the "GENERAL INFO." page for further details.
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