Many times we get that question when people begin their Lake Sinclair property search and explain there are different types of overship found around our lake. 

* FULLY OWNED - (Also known as fee or fee simple) The property owner owns all of the land down to the lake. You may often hear us refer to this as "down to the 340", with the 340 foot elevation being full elevation of Lake Sinclair. Georgia Power maintains flood rights to the 350 elevation on this property and residents need a license agreement with Georgia Power for building or maintaining any seawalls or docks on the lake. License agreements are free and simply give us the necessary control of issues as aesthetics and the environment.

* FULL LEASE - The property owner actually owns all of the improvements (house, dock, etc.) but none of the land. Georgia Power owns the land and leases the land to the owner of the improvements. The lease runs for 15 years and rates range from $900 to $1100. There is a lease transfer fee associated with purchasing one of these lots.

* ACCESS LEASE -The property owners owns the land and improvements above Georgia Power Company which he may have access for use of the lake. Access leases run for 15 years with a current rate of $100 per year. On this lease the residential structure is completely above the 350 contour.

* RESIDENTIAL ACCESS - The property owner owns the land above the Georgia Power Company property, but the home site is partially or totally on the Georgia Power land. Lease rates are the same as for a full lease, ranging from $900 to $1100 over a 15 year period.

If you still have questions then you can call me and I'll try to explain further or get you in touch with a real estate attorney and/or Georgia Power land development/managment office.  Becuase if you are interested in property that is leased ... that lease will be with Georgia Power. 

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18 Comments on Lease lot? what does that mean for Lake Sinclair property?

APR
29
2012
509,063 Points 13 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Great information for your lake buyers!  I don't sell properties with this type of set up but in another area in Washington there are leases of some tribal lands.  Buyers need to work with someone that knows how it all works.  
3:46pm • #1
500,269 Points 13 Featured Posts Outside Blog Called Shot Master

Hi Tammy, great post and explanantion.  We only have one subdivision that I know of where that applies, but it still confuses many.
4:08pm • #2
488,382 Points 4 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Here in Manhattan we have something called a Land lease which is similar to what you have in Lake Sinclair. It's all about educating the buyer about the type of property and how it will effect their purchase.
4:13pm • #3
1,120,430 Points 102 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Jo- sadly this might not exist in our area if not for interference of the federal government.  Back in late 50s and early 60s the power company was selling this land.  Guess who made them stop.

Bob- in our area only certain local lenders will do some of these.  So they really should work with someone who knows the ins and outs of what the lease can mean.
4:15pm • #4
620,899 Points 8 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

I'm sure the buyer's who are brand new to your area appreciate your expertise in explaining the different types of ownership possibilities. 
4:37pm • #5
1,501,363 Points 355 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Tammy...

Interesting ...same sort of thing on Lkae Jackson but I thought that the leases ran longer there.
4:37pm • #6
982,685 Points 114 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Do you ever have buyers who say, "I'm not familiar with any of this, just let me see houses with the best type of ownership I can have"?  'Cause if I was in your area, that would be me, LOL
4:51pm • #7
1,120,430 Points 102 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Carla- actually I'm surprised by the number of folks chiming in who also have lease property

Richard- myth... all GA power leases are 15 years.  People always say "the 99 year lease"  the folks at GA power just laugh when I ask them about it.

Eileen- I hope so.

Morgan- Hmmm... who owns the land there?
6:13pm • #8
867,011 Points 18 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

This is a great explanation.. and it is important for buyers to know the difference and what the pros and cons may be so they can make an informed decision.
7:02pm • #9
1,120,430 Points 102 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Joan- some of those lease lots are exceptional in size and views they offer.  So yes, there are pros to them too. 
8:19pm • #10
709,601 Points 48 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Tammy what great information, many buyers are not familiar with. Interestingly Marina Del Rey, CA is mostly Land Lease. So many of the Condominiums Owners pay a Land Lease. Very common in England but not in the US.
11:18pm • #11
APR
30
2012
1,501,363 Points 355 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Tammy...

Now I know the truth!!! The "99" number is what I heard for years.
4:28am • #12
1,120,430 Points 102 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Endre- that's my in laws favorite anniversary destination... they should visit again soon.

Richard- I've had people swear to me they "had" a 99 year lease, but no one has ever produced paperwork saying anything but 15 with a first right of refusal renewal clause in it.
5:30am • #13
840,974 Points 69 Featured Posts Outside Blog Called Shot Master

Tammy The lake property queen speaketh....those that need to know are pleased...Today's headlines
6:46am • #14
986,470 Points 106 Featured Posts Localism Sponsor Outside Blog

It looks like Georgia Power has all of the power at Lake Sinclair. But sometimes power is overshadowed by control. She who controls the land ultimately wins.
7:34am • #15
300,008 Points 7 Featured Posts Outside Blog Attended Rain Camp

Hi Tammy, you truly sound like the expert in this bit of localism for your area. More proof of why you need a local broker to assist with your lake purchase.
8:11am • #16
MAY
01
2012
698,000 Points 15 Featured Posts Outside Blog Called Shot Master

You have an odd situation there, and I am glad that you keep exlaining it.
11:39am • #17
JUL
29
RE: Judge Carter's rejection of Orly's Motion on tneiehcalitics, this gives Obama Team the chance to get her debarred if she reposts the Motion for Rogatory Discovery, because if she refiles it, then they will claim she filed a knowingly false document Watch out, Orly!If you are in personal communication with Dr. Taitz, anyone, warn her immediately!
Libella
4:53am • #18


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Tammy Lankford- lake sinclair (706-485-9668)

Eatonton, GA

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Tammy Lankford/Broker Lane Realty Lake Sinclair-Central GA

Address: 126 Pea Ridge Road, Eatonton, GA, 31024

Office Phone: (706) 485-9668

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