Traditionally, when you purchase a home, you own the home and the land the property is built on. There are some circumstances that involve a land lease, which means you would own the home while paying rent to the landowner for the land.
A land lease, also known as a ground lease, refers to an arrangement where a landowner grants another party the right to use a piece of land for a specified period, typically in exchange for rent or other agreed-upon compensation. Unlike owning the land outright, the lessee does not own the land but gains the right to develop or utilize it according to the terms set forth in the lease agreement. This contractual arrangement is common in both urban and rural settings, often facilitating long-term investments in real estate development, agriculture, or commercial ventures without requiring the lessee to purchase the land outright.
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