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What is Ground Rent?
I have had several of my clients ask me about this. Especially those that are relocating from out of the area.
Below I have provided some information that I have gathered over the past few years and pass on to my clients. Hopefully, this will help you as well.
What Is A Ground Rent?Ground Rents originated in Colonial America, to allow the colonists to own homes without paying for the land on which they lived. Ground Rents still exist in Maryland and various other areas around the nation.
In Maryland, the typical Ground Rent is a 99-year lease with an automatic renewal provision. With a Ground Rent, you pay the Ground Rent owner an annual amount (typically in semi-annual payments) to remain on the property. So long as the annual payments are made, the owner of the Ground Rent cannot remove you from the property. Hence, an individual may own the home in which he/she lives, but lease the property on which the home sits.
Redeeming a Ground RentA ground rent owner is required by law to sell or redeem the ground rent to the real property owner when requested. The purchase price for the Ground Rent is determined by taking the annual ground rent ... more

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