tower on my property with no payments attached

by cindy

Hi:

I just purchased a property with a cell tower on it. The property had been in a foreclosure status. The cell tower lease states it runs with the land. Cell tower company said send in your deed with proof of ownership, W-9 form and ACH form for the payment transfer. We closed on the property with that information from the cell tower company.

We signed a notice of non disturbance at closing. Now the cell tower company says there are no lease payments due on the lease. They now claim the lease has been satisfied until 2050 and no payments are due on the property owners.

I now have a property with a huge liability of a cell tower on it that is claiming they don't have to pay anything for keeping the cell tower on my property.

Is this legitimate business practice by cell tower companies. I am looking into an attorney. The cell tower did not disclose the true facts and I feel I am damaged by their actions.

Comments for tower on my property with no payments attached

Average Rating

Click here to add your own comments

Apr 26, 2016
Rating

Representation at closing?
by: Anonymous

Did you have an attorney representing you for the closing? Did a real estate agent handle the transaction?

It is not uncommon for a tower owner to, instead of paying annual ground rent to purchase a long term "easement" on the property, buy the right to occupy the ground leased property for 30 or 50 years. Often you think of an easement like right to access or an easement a power company might have to run lines over your property.

This is essentially making a lump sum payment lease. Normally the tower owner has a memorandum of lease recorded at the county courthouse to provide public notice of any ground lease. If your attorney had you sign an NDA without informing you of the details of that lease, shame on him/her! Perhaps you can sue the attorney or a real estate agent, if one represented you.

Feb 15, 2016
Rating

Did you run a title report before the purchase?
by: Stephen

Cindy, was there a memorandum of lease filed at the county showing that an easement had been paid out until 2050?

Tower Genius
888-313-9750

Click here to add your own comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Cell Tower Leasing Discussion.

Cell-Tower-Leases.com
Contact Tower Genius

Please note that all fields followed by an asterisk must be filled in.

First Name*

Last Name*

Email*

Phone*

Cell Site Street Address*

Cell Site City*

Cell Site State*

Type of Lease*

Service Needed*

How Can We Help*

Privacy*

	I am at least 16 years of age.
	I have read and accept the privacy policy.
	I understand that you will use my information to contact me or send me the information I requested.

Please enter the word that you see below.

Tower Genius is USA's Premier Cell Tower Lease Coaching and Consulting Firm. Find out how we help landlords and property owners in the USA maximize cell site lease values and get the best possible terms. Book a 30-minute discovery consulting call with Kevin or Steve Today.

Click Here To Schedule A 30-Minute Discovery Call.

Cell tower lease agreements Selling Cell Tower Lease Tower lease extensions Cell site upgrades Small cell proposals Lease amendments Tower lease buyout offers Rooftop lease buyout offers Rooftop cell site audits Lease Agreement defaults Cell tower valuations Rent reduction solicitations Lease Optimization Help Lease Revenue Purchase Transactional Coaching		Verizon Wireless AT&T T-Mobile - Sprint DISH Wireless US Cellular SiriusXM Crown Castle American Tower Atlas Tower Phoenix Tower PTI Vertical Bridge SBA Communications Tillman Infrastructure Lyle Company, Black Dot, Md7 Everest Infrastructure

Share this page:

What’s this?

Facebook Twitter Pinterest Tumblr Reddit WhatsApp

Like this page? Show us some Social Love. Here's how.

Would you prefer to share this page with others by linking to it?

Click on the HTML link code below.
Copy and paste it, adding a note of your own, into your blog, a Web page, forums, a blog comment, your Facebook account, or anywhere that someone would find this page valuable.