What is a land lease agreement?
Under a land lease agreement, which also is known as a ground lease, you buy a home or a building, but you rent the land from the landowner. A home buyer might see this scenario with condominiums, townhouses, manufactured homes, or trailer parks.
Sometimes the arrangement is explicitly stated in a real estate listing, and other times, it might be more subtle. A key phrase you might notice is “leasehold interest.” read full article here: https://homeia.com/buy-house/pros-and-cons-of-a-land-lease-agreement/
|