Types of Lake Sinclair Property Ownership

Many people get confused when they first hear of the different types of property ownership on Lake Sinclair.  There are 4 different classification of ownership on Lake Sinclair.  They all have to do with privately owned property and Georgia Power owned property.  When speaking of Georgia Power owned property it is referred to as a Georgia Power Lease. Below is an explanation of each property and a diagram to help explain. 

Full Fee Simple (Property is owned to the shoreline.)
1)   Contact Georgia Power to Transfer Dock Permit
2)   Copy of recorded Warranty Deed

Lease Access Lots (Georgia Power owns the land from the lake to the 350 contour line, lessee owns the remaining land and the home is on the owned section)
1)   Georgia Power and the new Lessee sign a 15 year lease (call 2 weeks in advance to set up appointment for transfer of lease)
2)   There is no transfer fee required
3)   Lessee pays Georgia Power $100 per year for the lease rights
4)   Current As-Built survey of property showing 340’, 343’ and 350’ contour and all structures
5)   Copy of recorded Warranty Deed
6)   All lease access lots transfer automatically with the deed to the adjoining Fee Simple Lot

Residential Access Lease Lots (Georgia Power owns the land from the lake to the 350 contour line, lessee owns the remaining land. All or part of the existing home is on the Georgia Power section. You may not build any portion of a new home in an access area.)
1)   Georgia Power and the new Lessee sign a 15 year lease (call 2 weeks in advance to set up appointment for transfer of lease)
2)   There is no transfer fee required
3)   Current As-Built survey of property showing 340’, 343’ and 350’ contour and all structures
4)   Copy of recorded Warranty Deed
5)   The Georgia Power lease rates are as follows:
      a) Years 2014 - 2017, $1050 a year

      b) Years 2018 - 2022, $1100 a year
      c) Years 2023 - 2027, $1200 a year
      d) Years 2028 - 2032, $1300 a year

Lease Lots (All the property is owned by Georgia Power)

1)   Interested individuals acquire the rights of a Georgia Power Lease from the current Lessee
2)   Georgia Power and the new Lessee sign a 15 year lease (call 2 weeks in advance to set up appointment for transfer of lease)
3)   Conditional Bill of Sale signed by the seller and buyer (form supplied by Georgia Power Company)
4)   A $1500 or $3000 non-refundable transfer fee is paid to Georgia Power (based on existing lease)
5)   Lessee is responsible for all county property taxes
6)   Current As-Built survey of property showing 340’, 343’ and 350’ contour and all structures
7)   The Georgia Power lease rates are as follows:
      a) Years 2014 - 2017, $1050 a year
      b) Years 2018 - 2022, $1100 a year
      c) Years 2023 - 2027, $1200 a year
      d) Years 2028 - 2032, $1300 a year
8)   Georgia Power requires that all homes meet certain minimum specs:
      a) At least 900 livable square feet
      b) Block or brick under pinning
      c) Vinyl siding, wood siding or other siding approved by Georgia Power
      d) Asphalt shingles or other roofing material approved by Georgia Power
      e) Georgia Power may grant a 2 year period in which to bring property up to specifications. 

Georgia Power controls and permits all shoreline construction—Docks, Boatshelters, Seawalls and Dredging

Georgia Power reserves the right to change their lease terms; if you have additional questions please contact the Georgia Power Land Department at 706-485-8704.

 

** be sure to buy a copy of The Official Georgia Boater Safety Handbook at: http://www.boat-ed.com/georgia/handbook/

Contact Alan Haley at Lakeside Realty if you have any Lake Sinclair real estate needs. alanhaley@lakesinclair.com    Phone: 478-457-6840