LAND LEASE RIGHT title: land lease right (RE) (SAP Library - Glossary)
LAND LEASE RIGHT category: Real Estate Management (RE)
LAND LEASE RIGHT explained:
A saleable and heritable right to own a structure on or below the surface of real estate belonging to another. This right differentiates between the owner of the real estate estate and the owner of the building (the holder of the land lease). The holder of the land lease pays ground rent rent to the lessor for the right to use the land. The land lease right is registered in a separate land register, called the leasehold land register.
Normally, a land lease has a term of 99 years for residential buildings, and a shorter period for commercial buildings.
More terms such as land lease right in Dictionary L.
- Manual Low-Level Code:
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