Beware Carriers Selling Land Sites
It has come to my attention that a large carrier is selling the land that they own under their cell towers. This carrier who bought land for cell tower locations back in the cellular days has now concluded that they no longer need to own the land under the towers.
Rather than be forced to pay the escalating real estate taxes on the land and the potential liability of ownership, they are selling the land as discounted rates. The caveat: that the purchaser takes subject to a very lengthy easement (the easement says “forever”) for this carriers continued use of the property and any conceivable use they might have. They give up any rights to revenue, and end up paying the property taxes on the inflated value of the property with the tower.
The landowner gets land for less than the going rate for acreage, but as represented to me, oftentimes does not understand what they are purchasing due to the complexity of the carrier’s special warranty deed.
While this may represent a smart deal for the carrier, the landowner needs to be aware of the significant limitations on the parcel they are buying. The savings might not be worth it.