HopefullyInLawSchool
16:06
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
ground rent
Read a random definition: sane
A quick definition of ground rent:
Ground rent refers to the amount of money paid by a tenant to the owner of the land on which their building or property is located. It is a type of rent that is paid for the use of the land only, and not for any buildings or structures on it. A ground-rent lease is an agreement between the landowner and tenant that specifies the terms and conditions of the ground rent payment. Groundwater, on the other hand, refers to the water that is found beneath the surface of the earth. A group annuity is a type of financial product that provides a regular income to a group of people, such as employees of a company. Finally, a group art unit is a division of the U.S. Patent and Trademark Office that specializes in examining patents related to a particular subject matter.
A more thorough explanation:
Definition: Ground rent refers to the rent paid for the use of land. It is a type of rent that is paid by the tenant to the landlord for the right to use the land.
For example, if a person leases a piece of land to build a house, they will have to pay ground rent to the landlord for the use of the land. The amount of ground rent is usually fixed and is paid annually or semi-annually.
Ground rent is different from other types of rent, such as rent paid for a house or an apartment. In those cases, the rent is paid for the use of the building, while in the case of ground rent, the rent is paid for the use of the land.