Are Ground Rents Transferable / Saleable?
Yes, ground rents can be sold or transferred to another party at any price agreed upon by the two groups. A transfer of ownership is a quick process that an attorney can assist with. Under Maryland Law, the owner of a residential property has a right to redeem most ground rents. The redemption rate is 16.66 times the annual ground rent if the leases was created before July 1, 1982. For leases created after July 1, 1982, the redemption rate is 8.33 times the annual ground rent. What if the Leasee Does Not Pay? In the event that a ground rent leasee does not pay their ground rent the owner of the ground rent has the legal authority to file an ejectment case on the home owner and foreclose on the property. The ground leasee is liable for up to three years’ back ground rent. The ground rent leasee has second position on title, before the mortgages and after government taxes. The information provided on this site is suppose to serve as a basic overview of ground rents and should not and doe
