Property Management
A Virginia ground lease is a long-term lease where the tenant:
ARents only the basement of a building
BLeases the land itself and builds improvements, typically for 50–99 years✓ Correct
CLeases farmland for seasonal crops
DRents a parking lot
Explanation
A ground lease gives a tenant the right to use land for a long term (often 50–99 years), during which the tenant constructs and owns improvements. At lease end, improvements typically revert to the landowner.
Related Virginia Property Management Questions
- A Virginia property manager's management agreement is with the property owner. The primary duty of loyalty is owed to:
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