Property Ownership
In Tennessee, a 'ground lease' is typically a long-term lease of:
AA farm for agricultural use
BLand only, where the tenant constructs and owns improvements on the leased land✓ Correct
CUnderground mineral rights
DA parking garage facility
Explanation
A ground lease is a long-term lease of land where the tenant constructs and owns the improvements. At the end of the lease term, the improvements typically revert to the land owner.
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Key Terms to Know
Adjustable-Rate Mortgage (ARM)
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
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.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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