A ground lease is a long-term agreement where a landowner (lessor) leases land to a tenant (lessee) for a specific period, typically 50 to 99 years.
Land Ownership: The landowner retains ownership of the land itself.
Building Ownership: The tenant owns the buildings and improvements constructed on the leased land.
Rent Payments: The tenant pays ground rent to the landowner for the use of the land.
A common example is a department store chain that leases land from a property owner and constructs its own building on the land. The store pays ground rent to the landowner while owning and operating the building.
Would you like to learn more about Real Estate? Have you ever wanted to become a New Jersey Real Estate Salesperson License holder? Want to know more about being a New Jersey Licensed Real Estate Agent? Click on the link for the schedule of our upcoming classes for Real Estate: tocrres.com
The period of ground lease is so long, that most government gives permits to use the land. More we can come to know about to get the ground lease.
Document Authentication Service in Los Angeles CA