So if the house isn't a mobile home and someone else owns the land is there some type of stipulation that the land cannot be sold from underneath you for X years? Can houses that aren't mobile homes be moved? I can't imagine being comfortable owning a house but not the land underneath it.
Used to be the case for all property in Hawaii until not too long ago. The land was just too valuable and rare to ever sell it.
Still is for some there, especially condos.
You get a lease for say 30 years. You might pay $500k for the place. After that you lose the property and your investment.
As the leasehold life reduces the value of the property drops because it's hard to get financing on a $500k property with only 10 years remaining on the lease.