Commercial Loans Blog

Commercial Loans and the 99-Year Lease

Posted by George Blackburne on Wed, Jul 24, 2019

Common LawU.S law is based primarily on English common law.  Common law is the part of English law that is derived from custom and judicial precedent, rather than from statutes.  An example of common law is a ruling that some judge made, in an old case more than two-hundred years ago, that says that people have a duty to read contracts.

Common law is often contrasted with statutory law, which is the body of laws enacted by Congress, the various state legislatures, and other law-making bodies and which are actually spelled out in some book of statutes.  In Penal Code 187, California law defines "murder" as "the unlawful killing of a human being or fetus with malice aforethought."

 

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Under English common law, the longest that real estate could be leased for was 99 years.

If your lawyer made a mistake and wrote a real estate lease for 100-years, after the execution (signing) of the lease by both parties, the lessee could immediately go to court and have the judge declare that the lease was an actual sale of the property.  The intended land lessor would be a given a mortgage for the amount of his land lease payments, and title to the property would pass to the intended land lessee.  

How could this possibly matter?  Imagine leasing out a piece of land for 100-years, and then a wave of hyperinflation struck.  The intended land lessee could simply hand you a check for 100-years worth of payments (possibly just enough to buy a cup of coffee) and keep title to the property, free and clear of the mortgage, for himself.

 

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Although U.S. courts always show great deference towards English common law, the various state legislatures are not bound by them.

Some U.S. states have passed state laws that say the longest period that you can lease real estate for in their state is only 40 years.  Other U.S. states have passed laws that say that you can lease real estate for as long as the parties would like.  Other states have kept the 99-year common law limit.

 

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Different Subject:

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  4. Our Income Property Underwriting Manual ($199) can make a real estate broker or residential loan agent into a commercial loan broker in a single afternoon.  (You get the manual itself, not the five-hours of video underwriting training.)

 

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Attention All Brain Surgeons:

Submitting a loan to C-Loans.com is NOT the act of filling out a lead form in order to get some freebie, like a free list of 200 commercial lenders or our free commercial loan placement kit.

Submitting a commercial loan to C-Loans.com is a six-step process that ends with you putting a checkmark next to six commercial lenders and then pressing "Submit". 

How To Get Your Freebies:

After going through the six-step process - putting a checkmark next to six lenders and then submitting your deal - please email me, Tom Blackburne, and tell me which two of the above gifts you want.  Please make the subject line, "I Completed a C-Loans Application."  Atta-boy!

 

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Mortgage brokers are rushing to get their favorite bankers signed up on C-Loans.com, and thereby earn 20% of our fee on the first three loans closed by their bank.  One mortgage broker, Arnold Taylor, has added almost 30 banks to C-Loans in the past two weeks alone.  Arnold will be earning big fees from this for years.

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