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In this sense, a ground rent is created when a freehold piece of land is sold on a long lease or leases. [1] The ground rent provides an income for the landowner. [2] In economics, ground rent is a form of economic rent meaning all value accruing to titleholders as a result of the exclusive ownership of title privilege to location. [3] [4]
More important was the fact that tenants had the right to take their rents to the Land Court for reduction under the fair rent clause, where in most cases a reduction of between 15% and 20% was awarded. [11] Despite a short-term reduction of rents (by about 20% by 1882) this act can generally be seen as economically ineffective.
They are often known as chief rents in the north west of England but the term ground rent is used in many parts of the country to refer to either a rentcharge or a rent payable on leasehold land. [1] This is confusing because a true ground rent is a sum payable in relation to land held under a lease rather than freehold land.
Differential ground rent and absolute ground rent are concepts used by Karl Marx [1] in the third volume of Das Kapital [2] to explain how the capitalist mode of production would operate in agricultural production, [3] under the condition where most agricultural land was owned by a social class of land-owners [4] who could obtain rent income from farm production. [5]
Transferred to full control of the People's Republic of China in the 1997 Hong Kong handover. Magampura Mahinda Rajapaksa Port – Sri Lanka to China; Kouang-Tchéou-Wan; Public housing in Singapore – all HDB flats are sold with 99-year leases. Upon expiry of the lease, control reverts to the government of Singapore.
The law of rent states that the rent of a land site is equal to the economic advantage obtained by using the site in its most productive use, relative to the advantage obtained by using marginal (i.e., the best rent-free) land for the same purpose, given the same inputs of labor and capital.
The right of redemption, in the law of real property, is the right of a debtor whose real property has been foreclosed upon and sold to reclaim that property if they are able to come up with the money to repay the amount of the debt. [1] About half of all U.S. states have a statutory provision that allows such a reclamation of property. [2]