Q: A friend said that you don't own the land your house is on in NYC, even if its paid for, is this true?
It's paid for and I pay the taxes.. Please advise, in detail. Thank you.
A: In most cases in New York City, if you own a house, you also own the land it's on, known as "fee simple" ownership. However, there are exceptions, like land leases in some co-op buildings, where you might not own the land. If you're paying property taxes and have a standard ownership deed, it's likely you own both the land and the house.
A: This is something that real estate attorneys could have the deepest insight into, and you mention being interested in a detailed explanation. The question is posted in Estate Planning, which deals more with the disposition of property and assets through wills, trusts, and otherwise. You could try adding Real Estate as a category. Good luck
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