Property Ownership (alternative)
What distinguishes a Maryland ground rent from fee simple ownership?
AGround rent holders pay no property taxes
BThe ground rent holder owns the improvements but leases the land✓ Correct
CGround rent creates a month-to-month tenancy
DGround rent is only available in western Maryland
Explanation
In Maryland ground rent (primarily Baltimore), the homeowner owns the improvements but leases the land from the ground rent holder, paying a semi-annual rent. This is a leasehold interest in the land.
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- Maryland's Ground Rent system, historically found in Baltimore City, involves:Property Ownership
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- Maryland's ground rent system allows homeowners to redeem (extinguish) the ground rent by paying:Escrow & Title (alternative)
- In Maryland, what type of property ownership interest does a leasehold represent?Property Ownership (alternative)
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Key Terms to Know
Fee Simple
The highest and most complete form of property ownership — absolute ownership with the right to use, sell, or pass the property to heirs.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
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