Typically, we understand the term “real estate” to mean both a parcel of land and any building on that land. In fact, with any real estate, title to the underlying land any buildings on the land can be legally separated. When we purchase the “fee estate” in real estate, we are buying not only the land and the buildings, but also the right to possess and use the land and buildings, along with other important rights.
As an alternative to purchasing the “fee estate” we may “rent” or “lease” the land and obtain similar rights of use and possession. Under a ground lease, a landowner, in this case, a land trust for the benefit of Techny Land Corporation, NFP (an affiliate of Society of the Divine Word), as lessor, has granted the rights of possession and use of its land to the lessees, in this case the homeowners of Royal Ridge.
