Once upon a time, I had an exciting call from an agent who had a party interested in a condo listing of mine. He asked me, "Is the land under the condo owned, or leased?
The owner never mentioned a land lease to me, I had read the CC&R's and had not seen anything indicating that the units were sitting on leased land. The customer service report from title did not show any record of it.
I pulled the file and read the CC&R's with a fine tooth comb. Somehow, I had missed reading a page with very old, small print. I checked again with a magnifying glass in hand. Indeed, the magnifying glass told the story, there was record of a land lease until year 2022. Yikes!
I did not panic or call the agent to tell him the bad news. Instead, I immediately called the title company, who graciously agreed to a more in depth search, even though the property was not in escrow with them. It turned out that the HOA had bought the property and had it deeded to the HOA. The document showing transfer of the deed was buried in a morass of paperwork which was even harder to find than the Lease document.
The CC&R's were prepared long before the deed was tranferred and was not included in the original set of documents.
This oversight could have cost the seller a sale had it not been for the attention of the buyers agent and myself to have title dig deeper before we sent the CC&R's to the buyer and lost a good transaction.
The story has a happy ending - the agent was able to tell his buyer that the condo is not on leased land and the title company that did the search was granted the transaction for their trouble!
May I add that this is yet another reason you want to use a real estate professional when buying or selling property!