Photo by Greg Garnham from Unsplash
Do you know that cell tower companies most often lease space from landowners? Most cell towers are actually located on private property. Because most people aren't aware of this, tower companies are in the perfect position to control the industry.
Generally, private property is leased monthly for around 3-5 years. However, lump sum buyouts have become a recent trend. Rather than making monthly payments over a few years, tower companies are now offering large lump sum buyouts in exchange for 50-year leases.
This offer is tremendously lower than the value. To get landowners to agree, tower companies claim they will decommission the tower on the landowner’s property due to deterioration or impairment. However, many companies will only ever decommission if damaged.
When it comes down to it, tower companies are scamming landowners and few of them know it.
Baxter Legal Services had a client ask for help regarding her cell tower lease. Her short 3-5 year lease was close to its end, and the tower companies she spoke with were only interested in a lump sum buyout. For this, they offered $210k. She had gotten offers from 4-5 other brokers for around the same price. Anthony, hearing her story and understanding the massive undervalue by tower companies, was quick to field offers from other companies.
In the end, the homeowner netted over half a million dollars!
If you own private property, you could greatly benefit from leasing a cell tower. Be sure to contact a local attorney when your lease is close to its end. We at Baxter Legal Services are here to ensure you get the best offer for your property. Contact us today!