What is a Ground Lease?
A ground lease is a lease agreement between a property owner, known as the landlord or lessor, and a tenant, known as the lessee, for the use of land. The landlord retains ownership of the land and the lessee has the right to use the land for a specified purpose, such as building a commercial or residential property, for a specific period of time.
In a ground lease, the lessee is responsible for paying rent to the landlord and may also be responsible for maintaining and improving the property. The lessee may have the option to purchase the land at the end of the lease term or to renew the lease for an additional period of time.
Ground leases are commonly used in commercial real estate, where the lessee may want to build a property on land owned by another party, but may not want to purchase the land outright. They can also be used in residential real estate, where the lessee may want to build a home on land owned by another party, such as a developer or a government agency.
Ground leases can be a useful way for property owners to generate income from their land and for lessees to secure the right to use the land for a specific purpose. If you own land in Louisville, KY and its surrounding areas, and you're interested in executing a ground lease, I'd be happy to help you identify the right tenant! Feel free to call/text me at (502) 536-7315 or email me at email@example.com.