” GROUND LEASE “
A ground lease, also known as a land lease, is an agreement in which a tenant can develop property during a lease period. However, once the lease expires, anything done to the property belongs to the owner. Ground leases commonly occur between commercial landlords, who typically lease the land for 50 to 99 years to tenants who construct buildings on the property. They define who owns the land and who owns the building. It is a way to retain property ownership and generate income and revenue while avoiding capital gains. Tenants assume responsibility for all expenses associated with property such as construction, financing, repairs, renovation , taxes, and insurance. Franchises, big box stores, and other commercial entities use ground leases.
Because the process of buying and selling real estate can be wildering to those who don’t deal with the process on a daily basis, we make it an important part of our business to be knowledgeable and up to date with what’s current in the industry. If you are contemplating buying a home and have questions about looking at a ground lease property, please call us. Family owned and operated for over 55 years, our experience can be invaluable to you and “OUR SUCCESS HAS BEEN BUILT ONE SATISFIED CUSTOMER AT A TIME.”
