The term “Fee Simple” means you own the land.
The term “Indian Lease Land” means the land is owned by one of the various Indian tribes in Palm Springs and home owners pay a monthly or annual lease fee to the Indians to own a home on their land.
In the city of Palm Springs, about half of the homes and condos are on Fee Simple land and the other half are on Indian Lease Land.
If you are paying cash, Indian Lease Land will typically not be much of an issue for you, other than the additional monthly fee.
If you are obtaining a loan, on the other hand, lenders have strict requirements about lending on Indian Lease Land. For instance, in most cases, the leases are for 99 years and then they are renegotiated. Lenders require that you have at least 35 years left on the lease in order for you to obtain a 30-year loan. There are many other restrictions and requirements you will need to be aware of as well, before making an offer on a home on Indian Lease Land.
Please contact me if you would like to be put in touch with a mortgage lender who can answer all of your questions about Indian Lease Land.