Indian land leases are unique in only a few markets in the U.S. Essentially, you own the structure and lease the land on which it stands for only the duration of the lease. In the Palm Springs real estate market, an indian land lease on the Aqua Caliente Indian Reservation is a contract between the indian landowner and the lessee. However, not just Palm Springs, these leases are in spots inside the nearby cities of Cathedral City and Rancho Mirage. The lease can be negoatiated for any period of time not to exceed 99 years. Currently there are 1,175 commercial leases, 7,671 residential subleases, and 11,118 time shares. The primary benefit of purchasing a home on indian land is being able to acquire it for 15-30% less than fee simple land. The mortgage process tends to be more complicated and that’s where a local lender like myself with familiarity of the complexities can assist. I’m Stewart Brown, a licensed Mortgage Loan Originator in Palm Springs, California here to simply topics in Real Estate and Mortgage Lending. Please, like, share, follow and subscribe!
