Well that's what we call it in UK. It is when you buy a property but another person owns the land it is built on.
For instance a Leasehold property can have a lease as long as, say, 999 years, but at the end of that time the property reverts to the Freeholder.
So if someone buys a property with a 99 year lease, if the Freeholder doesn't want to extent the Lease after or within that time, the Leaseholder no longer has the property.
I sold a couple of Properties I own the Freehold of, in the UK. The purchasers each have a 99 year Lease, but they have to pay me ground rent every year.
Well that's what we call it in UK. It is when you buy a property but another person owns the land it is built on.
For instance a Leasehold property can have a lease as long as, say, 999 years, but at the end of that time the property reverts to the Freeholder.
So if someone buys a property with a 99 year lease, if the Freeholder doesn't want to extent the Lease after or within that time, the Leaseholder no longer has the property.
I sold a couple of Properties I own the Freehold of, in the UK. The purchasers each have a 99 year Lease, but they have to pay me ground rent every year.