- The rent paid by a lessee for the use of property or land only.
ground lease, land rent
Related Terms and Acronyms
- Land — Definition,
- The solid ground of the earth. This can include everything under it and over it. For example, Condominium Acts do divide land horizontally thereby limiting the vertical ownership.
- Lease (lse) — Abbreviation,
- A written agreement in which the property owner allows a tenant to use property in exchange for rent, and for a specified period. Or, a written agreement in which a car dealer allows a consumer to use a vehicle in exchange for payments for a specified period.
- Lessee — Definition,
- The person who signs a lease.
- Lessor — Definition,
- The person who grants a lease.
- Proprietor — Definition,
- The owner of a business or property.
- Purchase Option — Definition,
- An agreement where a portion of monthly rent can be credited toward the purchase of a property.
- The portion of a vehicle lease that determines how much a lessee pays the lessor at the end of the lease to buy the vehicle. The price is usually the residual value.
- Rent — Definition,
- When one party pays another for the use of an asset, service or property.