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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