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selling property with a tower on it. Can I keep the lease?

Discussion in 'GENERAL Wireless Discussion' started by patowergirl, Jan 14, 2007.

  1. patowergirl

    patowergirl New Member

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    Hi all
    Looking for someone who knows a little real estate law. I currently own a 96 acre farm with a cell tower on it. Is there a way to maintain my lease with the cell company and sell the ground that is underneath it. Would it be best to sub divide.
    Thanks
     
  2. Andy

    Andy Diamond Senior Member
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    This is off-topic and I know will not answer your question, but I am interested in knowing about how much you make every month from this lease, if you don't mind throwing out a number...doesn't have to be exact. ;)
    Andy
     
  3. Jonathan Kramer

    Jonathan Kramer Telecom Atty/RF Engr.
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    Dear PaTowerGirl:

    I'm an attorney in California; you are not in California. I can't advise you on Pennsylvania law, but I can give you some general ideas.

    Most importantly, I'll start with the big one: find yourself a local 'dirt lawyer' (real estate attorney) that knows state law and get proper legal counsel for your specific situation. Having gotten the important item out of the way, generally leases run with the land as they are an interest in the land. I suspect that the lease speaks to the issue of sale of the land under the tower, so your attorney can (and should) advise you on that issue. Whether you can subdivide is a local land use/zoning issue that, once again, should be addressed by a dirt lawyer in Pennsylvania.

    Are you getting some drift from my answers? Yeah, it's.... say it with me ...
    get yourself a dirt lawyer in Pennsylvania that can properly advise you on your duties to the carrier under the lease, and your (remaining) rights. Once you know both, you'll have a much better idea on how to proceed.

    Good luck!

    Jonathan Kramer
     
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  4. Jay2TheRescue

    Jay2TheRescue Resident Spamslayer
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    I would think the answer is no. That is akin to saying you are selling a house that is leased and has a tennant in it. You cannot sell the house and continue to collect the rent. If you do figure this one out you'd be a millionaire.

    -Jay
     
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  5. Jonathan Kramer

    Jonathan Kramer Telecom Atty/RF Engr.
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    Jay, actually its quite possible to sell a house leased to a tenant and continue to collect the rent as a former owner. What happens is that the price of the house is discounted to reflect the rent the buyer would have received had she/he assumed the lease.

    Is this loosely akin to a landlord, tenant, subtenant relationship.

    Why would someone want to do a transaction in this way? It could be for tax purposes.

    Jonathan
     
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  6. patowergirl

    patowergirl New Member

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    Thanks La Attorney.
    Was hoping someone like you would be browsing. I am also a site acquisition person for a cell tower company and havent come across this problem yet.
    I keep thinking of mineral rights. We are big into the mineral rights here, I also read about air rights and I swear my screwd and once wonderful attorney who wrapped up this deal for me mentioned that I could sell the ground under the tower and always own the rights to it. Yea I know.."get a good dirt attorney" if you all werent so darn expensive!!lol
    I still feel comfort in owning the land under it. Yes I can subdivide but they want min of 2 acre lots ---unless I can convince them otherwise!!
    :wink:
    Patowergirl
     
  7. wirles

    wirles I'm baaaaaaaaaack
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    PATowergirl: Do you currently own the tower and the land, or does someone else own the tower and lease your property where it sits?

    If you own the tower, you can sell the land and get a ground lease so long as you don't convey ownership of the tower itself in the deal. This way you can still collect the rent from tower tenants.

    If you only own the land, and lease that land to the tower owner, your transfer of ownership in the land also transfers your ability to collect the rent on it, aside from a separate agreement. If it were me buying your land in this scenario, I would expect to either:

    A) Get a discount from the purchase price in exchange for future receivables.

    B) Pay a premium on the land accounting for the future receivables.

    Like the lawyer said, find a real estate attorney. Since you are a Site Acq. for a carrier, I imagine you have access to one for at least a friendly consult.
     
  8. patowergirl

    patowergirl New Member

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    I own the land and lease ground space for the tower. I get paid per carrier.
    I worked sooooo hard getting this tower up I will not yes will not lose the revenue!!!!
    Patowergirl ;)
     
  9. wirles

    wirles I'm baaaaaaaaaack
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    Well, your right to the revenue is based on your ownership interested in the ground (product). When you transfer this interest, you transfer the ability to collect revenue on it. I am positive there are terms and conditions in the lease stipulating the affect on the lease when there is a transfer of property ownership.

    Unless the buyer is a complete idiot, they would not allow you to collect receivables on their asset.
     
  10. ZaphodB

    ZaphodB Signal Go Down De Hole...
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    The only way I can think of (and IANAL) would be for you to have it transfer with encumbrance -- but you'll have to give money off the price of the land which may outweigh the tower income.

    TANSTAAFL -- there ain't no such thing as a free lunch.
     
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  11. georgelaw

    georgelaw New Member

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