Land Lease Summary

The Land Lease describes the long-term agreement between Oberlin Community Land Trust and you, the homeowner. By signing the land lease, you are agreeing with the Oberlin CLT that long-term affordability is one of your goals. Below is a summary of the land lease.

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You have the right to use the land in a reasonable way: This includes not damaging the land, not creating disturbances for your neighbors or the public at large and using the land primarily for residential purposes.

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You agree to live in your Land Trust house and make it your permanent residence.

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You have the right to leave your home to your immediate family or partner as long as they I’ve in the home and meet the criterial for OCLT homeownership.

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Your are responsible for maintaining the property so that it is dafe and decent. Like any homeowner, you have the right to make improvements to your yard (planting trees, gardening, etc.)

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You agree to seek permission from and provide information to Oberlin CLT before making improvements or remodeling your home.

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You have a responsibility to pay a $25 monthly fee to help the Oberlin CLT cover its administrative and operating costs. In addition, you are responsible for payment of real estate taxes on your home and the improvements you own as well as on the land you lease.

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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.

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You will be able to mortgage (take out a loan against) your lease hold interest in the property. You agree to review all loan documents with Oberlin CLT, including any future mortgage refinancing.

 

You will agree to work out any disputes that may arise between you and Oberlin CLT through a process known as mediation, which involves impartial mediators instead of lawyers and judges.

 

When you initially purchase your home, you receive assistance from Oberlin CLT in identifying mortgage lenders and preparing for mortgage qualification. You agree to get Oberlin CLT’s approval for any future re-financing of your home, as well as to provide Oberlin CLT with copies of any notices that relate to your house or the land that you receive from your mortgage lender, city or other governmental entity.

 

Should you ever decide to sell your home, you will work with Oberlin CLT to ensure that your home will remain affordable for future low/moderate income families by giving Oberlin CLT the first option to purchase it fro a price which future low/moderate income families can afford.