The developer of Pond Place, FIP Homes Company, to make acquisition of homes here more affordable, established standard ground leases to finance the cost of the land on which the dwellings are situated. The term of each the lease is 50 years from the 1st day of the month after the date the lease was signed by the initial owner of your home. All leases were signed in either 1977 or 1978. When its associated lease is either prepaid or fully paid, ownership of 1/210th of all the land in Pond Place will be legally associated with that dwelling.
In 2011 the outstanding leases were purchased by Pond Place Association from FIP Homes Company. The monies collected from these leases benefit all of Pond Place. Upon full payment of the lease an instrument in the form of a deed will be issued to the dwelling owner from the Association and should be recorded in the Avon Land Records to vest title in the 1/210th fractional interest in the Pond Place land to the dwelling owner.