Property Ownership

In North Dakota, a 'ground lease' differs from a standard commercial lease in that:

AGround leases are shorter than 5 years

BThe tenant leases only the land (not improvements) and typically constructs their own building on it✓ Correct

CGround leases are only for agricultural land

DThe landlord retains all improvements at lease end regardless of terms

Explanation

A ground lease is a long-term lease (often 50-99 years) where the tenant leases the land only and constructs their own improvements on it. At lease expiration, the improvements may revert to the land owner.

People Also Study

Key Terms to Know

Joint Tenancy

Co-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.

Tenancy in Common

Co-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.

Deed

A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).

Easement

A non-possessory right to use another person's land for a specific purpose.