What is a ground lease?

A ground lease is a piece of real estate law in Virginia that governs the legal relationship between land owners and those who can use that land to develop or improve a property. It is effectively a form of a long-term lease, with the tenant gaining the rights and privileges to use the land for a set period of time. For example, a tenant who holds a ground lease may be able to build a home on the land, or harvest natural resources, or use the space to conduct commercial activities. The tenant will be responsible for paying the landowner a regular rent during the duration of the lease. In order to protect both parties, ground leases will typically include more detailed provisions than a typical lease arrangement. This could include provisions that define the term of the lease, the amount of rent, any improvements or upgrades to the property that must be made by the tenant, whether the tenant is given exclusive use of the land, and the rights and obligations of both parties on different matters. Generally, ground leases in Virginia last for a fixed period of time, although sometimes leases may be extended.

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What is a ground lease?

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