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Anatomy of a Ground Lease

Jerome D. Whalen is a consultant to lawyers and their clients in connection with real estate matters in Seattle, Washington.

Why ground leases? Most ground leases result from landowners who are unwilling or legally unable to sell their land, for whom an unsubordinated ground lease offers the possibility of the professional development of the property with little expense or risk, secure long-term income, and the eventual reversion, perhaps with still valuable improvements.

The most perilous time in the life of any ground lease is the construction period.

The most perilous time in the life of any ground lease is the construction period.

(credit: iStockphoto)

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