land lease right (RE)

A saleable and heritable right to own a structure on or below the surface of real estate belonging to another. This right differentiates between the owner of the real estate estate and the owner of the building (the holder of the land lease). The holder of the land lease pays ground rent rent to the lessor for the right to use the land. The land lease right is registered in a separate land register, called the leasehold land register.Normally, a land lease has a term of 99 years for residential buildings, and a shorter period for commercial buildings.