The difference between Leasehold and Freehold property has been troubling Homebuyers for a long time.
Well, we're on a mission to end it!
Just read ahead to find out the meanings and differences between leasehold and freehold properties.
Freehold Property meaning: A freehold property is under single ownership. There aren't any others who hold rights to the property or estate in question. The complete ownership is enjoyed by a single person who can decide what to do with the property or sell it. The ownership does not have a time frame. He/she can exercise the rights over the land at any time as he/she sees fit. The owner's descendants or successors can inherit freehold property.
A Leasehold property means the property's ownership is leased to another party for a fixed period of time. Though the project's official ownership is within the owner, the leaseholder can act upon the real estate as he sees fit during the tenure of the lease or according to any pre-existing conditions mentioned within the deed set by the owner.
And for the uninitiated,
A Lease is an agreement that states that the first party or the user (lessee) can use or operate a piece of the estate owned by the owner( lessor) in exchange for a fixed amount of money for a certain tenure or time period.
In Indian real estate, lease models are mostly seen in the commercial estate ( offices or store spaces), Agricultural land ( land used for farming ), and Residential spaces ( Houses or buildings).
Gross Lease states that the tenant or lessee need only pay a single sum, and any other costs related to the real estate, including maintenance, should be undertaken by the lessor.
Net Lease is an agreement where the base amount payable by the lessee will be lower, but the additional cost should be undertaken by him.
In Modified Gross Lease, the lessee should pay a huge sum to the lessor, but the amount will also cover the additional costs.
In simple words, the difference between lease vs rent comes down to the time tenure and the type of payment involved. Rent usually consists of lesser amounts payable in accordance with the time frame (usually monthly) and lesser time period, whereas lease would generally consist of a large sum of money paid at once, and the time period comes around to a minimum of 12 -24 months at least.
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