Ground Lease: Rights, Responsibilities & Requirements
The ground lease describes the long-term agreement between the Red Brick Community Land Trust and the Homeowner. This ground lease spells out homeowner rights, responsibilities and requirements. By signing the ground lease, you are agreeing with the Red Brick Community Land Trust that long-term homeownership is one of your goals. We will cover the Ground Lease in the Ground Lease Summary packet.
Download the RBCLT Ground Lease here.
Responsibility to Community
Inheritance:
You have the right to leave your home to your immediate family or partner as long as they live in the home.
Landscape:
You are responsible for maintaining the property so that it is safe and decent. Like any homeowner, you have a right to make improvements to your yard (for example, planting trees, gardening, etc.)
Ground Lease Fee:
You have a responsibility to pay a $25 monthly fee to cover insurance, any special assessments on the land, grounds and buildings maintenance, and administrative costs.
Home Improvements:
You agree to seek permission from and provide information to the Red Brick Community Land Trust before making any major improvements/remodel to your home.
Loans:
No loan for any improvements (either interior or exterior) can be tied to (secured by) the land under your home, because you do not own the land.
Solving Problems:
You will agree to work out any disputes that may arise between you and the Red Brick Community Land Trust through a process known as arbitration which involves impartial mediators instead of lawyers and judges.
Community Involvement:
You agree to be an active member of the Red Brick Community Land Trust for as long as you are a homeowner. You will be a voting member of the corporation that owns the land. (In effect, you are leasing the land from yourself and your fellow members of the Red Brick Community Land Trust.)
Future Affordability:
Should you ever decide to sell your home, you will work with the Red Brick Community Land Trust to ensure that your home will remain affordable for future low/moderate income families by giving the Red Brick Community Land Trust the first option to purchase it for a price which future low/moderate income families can afford.