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Simple English definitions for legal terms
rentcharge
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A quick definition of rentcharge:
A rentcharge is a type of payment made for the use or occupancy of property, usually real property. It can be paid periodically and may be charged in perpetuity. If payments are not made, the right to receive the payment can be taken back. There are different types of rent, such as ground rent, crop rent, and net rent. Rentcharge is also known as rent charge or fee-farm rent.
A more thorough explanation:
Definition: Rentcharge is the right to receive an annual sum from the income of land, usually in perpetuity, and to retake possession if the payments are in arrears. It is a type of rent that is charged on a property and paid periodically for the use or occupancy of the property.
Examples:
- Ceiling rent: The maximum rent that can be charged under a rent-control regulation.
- Crop rent: The portion of a harvest given to a landlord by a sharecropper as rent.
- Ground rent: Rent paid by a tenant under a long-term lease for the use of undeveloped land, usually for the construction of a commercial building.
- Rent charge: The right to receive an annual sum from the income of land, usually in perpetuity, and to retake possession if the payments are in arrears.
These examples illustrate how rentcharge can take different forms, such as a maximum rent under rent-control regulations, a portion of a harvest given as rent, or rent paid for the use of undeveloped land. In each case, rentcharge is a type of rent that is charged on a property and paid periodically for the use or occupancy of the property.