Georgia Power (Southern Company) owns 15 lakes in Georgia and Lake Sinclair has some very unique ownership types that are not found at all Georgia Power lakes and none of the core of engineer lakes in our state.
A short explanation of the 4 types of ownership:
- Fee Simple-just like anywhere else you get a deed when purchased and you own the property from the street right of way to the water.
- Full Lease Lots- On these properties, Georgia Power owns and retains ownership of the lands around our lakes and offers lots for lease to homeowners for recreational use. Lake lot leases are currently fifteen year leases with rates established by Georgia Power Company. Before a lease is issued, the lessee will be responsible for meeting certain requirements. Because new lots are no longer available, lots are usually acquired in the form of a lease transfer. Leases are normally transferred in conjunction with the sale of the improvements on the lots and a transfer fee will be applicable. You may call the local Land Management Office for more information. 706-485-8770 The current transfer fee is $3,000. Lease rates for 2010 have not been released yet.
- Strip Lease-Full pool of Lake Sinclair is 340 feet above sea level. The height of the dam is 343 feet above sea level. Contractually Georgia power reserves the right to flood to 350 feet above sea level and on some lots they own to the 350 ft. contour and lease the part of the property that falls between the 350 and the 340 (shoreline) to the owner of the property that is adjacent and above the 350. It depends upon the topography of the land to how much of any individual lot belongs to Georgia Power. On a steep lot it may only be a few feet while on a flat lot it is many times nearly the entire property. Georgia Power does not allow homes to be built below the 350 contour on their property, but this was not always the case which leads the type # 4 (The fee for this type is $100/yr and has no transfer fee)
- Residential Lease Lots-These are lots that Georgia Power has the same ownership as type # 3, but a pre-existing home extends below the 350 contour and sits on land owned by Georgia Power. There is no transfer fee when you purchase a home with this type of ownership, but because the home sits on Georgia Power land you pay the full lease lot fees annually and not the $100/yr as with un-encroached lease strips.
It may sound a bit complicated and even be confusing to you after an explanation. That's one of the best reasons to choose an agent familiar with Lake Sinclair who specializes in this area and is a member of the Lake Sinclair area MLS (Baldwin Multi-List) when shopping for a Lake Sinclair home. If you are looking for Lake Sinclair property Lane Realty has a staff of full time agents that bring a combined 100+ years of experience to the table to help you. We offer buyer agency, so you can be represented and aided in negotiations and guided to lenders that handle the unique lending process that lease properties present. And having been born and raised in this area, I can also tell you where the best coves are for skiing and fishing.
Lake Sinclair and Milledgeville and Eatonton have a lot to offer. If you are looking for a weekend get-a-way or a beautiful lake to spend your retirement Lane Realty will be happy to assist you in finding the home that suits your needs and with the type of ownership you desire.
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Tammy Lankford, Broker/Owner
Broker License # 169695 Lane Realty License # H-11420
Call me today for all your Lake Sinclair real estate needs.
We always have water at lake sinclair Lake Sinclair stays full even during droughts. Click to read why and how.
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