We had never paid any heed regarding terms and conditions related with renting a property until I had to shift to another city during my job. The landlord of the property which I selected to live in put forward an agreement and that is when I learned what is ground lease meaning. It is the agreement that a tenant, I, was given the permission to develop a property during the time I am going to live there. But after my departure, the developed area and improvements are going to be the landowner’s and I will have no claim on it.
The ground lease rates depend on the location, facilities, area and more and thus it varies from one place to another.
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Benefit of ground lease agreementI did not understand the benefit of such an agreement. Later I thought that if I had started a shop on that land, I might have got a good sum of money and that would have benefitted both me and the landowner and that is why such agreements are made beforehand so that no objection occurs later..
Tower and ground lease agreementYou might have seen that cell towers are structured mainly for ground lease where the landlord only leases some rights to certain ground space on their property. The tenant owns the structure, like that of the cell tower now but when he leaves, he won’t be having any rights then. I hope you have got an idea about ground lease meaning by now.
Read More:
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What Is Ground Lease?
Kapil
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3 Year
2022-06-23T09:29:54+00:00 2022-06-23T09:29:55+00:00Comment
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