Property Ownership
What is a 'ground lease' in Delaware real estate?
AA short-term lease for agricultural land
BA long-term lease of land only, typically 50-99 years, under which the tenant constructs improvements✓ Correct
CA lease for a single parking space or ground floor unit
DA lease secured by a mortgage on the land
Explanation
A ground lease is a long-term (often 50-99 year) lease of land only. The tenant (ground lessee) constructs buildings and improvements on the land, which revert to the land owner (ground lessor) at lease expiration.
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