Upon the death of my parents, I discovered they leased a 100'×100' area of their 14ac property. Now the estate is in probate and we plan to sell. However construction is set to begin early next year on the tower. How can we get out of the lease so not to devalue the property?
Frustrating situation is not uncommon by: Tower Genius
What is the takeaway from this unfortunate situation?
I wish we could say it was just the first time we have ever heard of an instance where the adult children find out after the passing of their parents that they signed a cell tower lease and a tower is being built on land they were planing to inherit with encumbrances free and clear, only to find out that they have a tower being built on it that will be there for the rest of their lives.
At the end of the day, especially when somebody signs a very bad cell tower lease without seeking out proper advice, having a cell tower on your property may not be worth it. This is especially true of a number of family members inherit a property.
How does this happen so frequently?
The site acquisition real estate consultants working in the cell tower industry will use heavy handed tactics dealing with seniors and entice them to sign these deals, usually using a take -way sales strategy.
If you don't want any surprises in the future, communicate with your elderly parents, especially if you know that cell tower companies are interested in their land.
Nov 27, 2018 Rating
99.9% sure that you probably can't by: Stephen
Things like this are covered in your lease, or every time a property changed hands they could be tearing down a half million dollar tower.
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