What is a ground lease?

A ground lease is a type of real estate transaction that involves the renting of land for business use in South Carolina. The tenant, or lessee, pays a fee to the landowner, or lessor, in exchange for the right to use the property. The ground lease typically has a long-term duration, such as for decades, and is most commonly used in commercial real estate transactions. In a South Carolina ground lease, the tenant is allowed to build on the property or use the land according to the provisions included in the lease contract. The tenant is responsible for the upkeep of the land or any buildings on the property, including taxes, insurance, and other costs associated with the leased property. The tenant typically pays a fixed annual fee to the lessor, which may include a percentage of any profits generated by the tenant from the land or buildings. When the lease terminates, the tenant does not have any legal right to the land or buildings. The tenant must remove any structures built on the property and may be required to return the land to its original condition. Although ground leases are a common real estate transaction in South Carolina, they are usually complex agreements that require the assistance of a qualified attorney who understands the laws regarding real estate in the state.

Related FAQs

What is a servitude?
What is the homestead exemption?
What is a wraparound mortgage?
What rights do I have when my land is taken by eminent domain?
What is the role of a real estate appraiser?
What are the laws governing real estate appraisals?
What is a mortgage loan?
What is an assignment of a deed of trust?
What is a landlord’s lien?
What is a due on sale clause?

What is a ground lease?

Related FAQs

Related Blog Posts