If you own property in Baltimore City, there’s a good chance that you’re familiar with ground rent. Ground rent is an annual fee that some homeowners are required to pay for the land their property sits on. It’s a unique feature of Baltimore City’s real estate market and can be confusing for those who are new to the area.
Here are some tips on how to be careful with Baltimore City ground rent:
Understand What Ground Rent Is
Ground rent is essentially a leasehold interest in the land your property sits on. This means that you own your home, but someone else owns the land it’s built on. You’ll typically pay ground rent annually or semi-annually to the owner of the land.
Know Your Obligations
If you’re required to pay ground rent, it’s important to know when it’s due and how much you owe. Make sure you keep track of these details so that you don’t miss any payments or incur late fees.
Watch Out for Liens
If you fail to pay your ground rent, the owner of the land may place a lien on your property. This can make it difficult or impossible to sell your home until the lien is paid off.
Consider Buying Out Your Ground Rent
In some cases, it may be possible to buy out your ground rent entirely. This can be a good option if you plan to stay in your home for a long time and want to avoid ongoing ground rent payments.
Work with an Experienced Real Estate Attorney
If you’re buying or selling property in Baltimore City, it’s always a good idea to work with an experienced real estate attorney who can help guide you through the process and ensure that all necessary steps are taken.
By following these tips, you can help ensure that you’re being careful with Baltimore City ground rent and avoiding any potential issues down the road.