And finally… leng lease

And finally... leng lease

A three-bedroom house in San Francisco’s affluent Russian Hill neighbourhood has been listed for an astonishingly low price of $488,000 (around £385,000).

However, the property comes with a significant caveat – it is encumbered with a 30-year lease. The 1,100-square-foot house currently has a tenant whose monthly rent of $417 (around £329) is fixed for the duration of the lease, which ends in 2053.

Steven MacDonald, a lawyer specialising in landlord tenant law, told ABC7 News: “For some reason, they gave this person a 30-year right of possession. I’ve seen that before. It’s kind of a sloppy way of estate planning.”

The listing has generated significant interest, with a long queue of prospective buyers forming outside the property last week.

Neighbour Ilia Smith said: “My husband came in and said, ‘You’ve got to look out the window. There’s a line from the house all the way to the middle of the block right here’.”

Join more than 16,400 legal professionals in receiving our FREE daily email newsletter
Share icon
Share this article:

Related Articles