What is Leasehold Property | Leasehold Property का चौंकाने वाला सच | Leasehold Property क्या है?
A leasehold property is a type of real estate arrangement where you don't own the land itself,
but you purchase the right to occupy the property for a set period of time, typically ranging from 30 to 99 years. Here's a breakdown:
Ownership: In a leasehold property, you're essentially buying the right to use the property, not the land underneath it. The owner of the land is called the lessor, and the person who buys the lease is called the lessee (you).
Lease Agreement: The terms of your occupancy are outlined in a lease agreement. This agreement specifies the duration of the lease, the rent you pay (often called ground rent), and any restrictions on how you can use the property.
Lease Term: Lease terms can vary greatly, but they typically last for a long time, like decades. The longer the lease term remaining, the more value the leasehold property generally holds.
Here's a comparison between leasehold and freehold (where you own the land) to illustrate the concept:
Leasehold: Like renting an apartment for a long period, you have the right to use the property but don't own the land.
Freehold: This is like buying a house and land outright. You have complete ownership and control over both.
Leasehold properties are common in certain parts of the world, especially for apartments and flats. There are pros and cons to consider before buying a leasehold property, so be sure to do your research and understand the terms of the lease carefully.
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