What happens when I decide to sell my lot or home, as concerns the fact that it is lease property?
Most banks require a lease that is at least as long as the term of the mortgage. Because leases are renewable in perpetuity, should an owner want to sell a property that has less years remaining on the lease than what a typical mortgage may be for (15, 20, 30 years), an early renewal of the lease shall be granted by the PRV. Property under the PRV lease may stay in a family forever by renewing leases at the end of the lease period.
