What is a Land Lease Property?
We’re all familiar with leasing a property, whether residential or commercial. But what about leasing just the land itself? Even more so, imagine living in a building that you fully own, however, the land underneath it is not yours.
That is quite the scenario to consider, but surprisingly, it is actually an arrangement that exists. This form of home ownership is called a land lease. In this article we’re going to explore how land leases work, some pros as to why people consider signing up for land leases, and of course, some of the drawbacks and compromises involved.