ground rent

Definition 1
In the U.K. and the Commonwealth countries, the rent that a person who builds upon land owned by another, commonly under a 99-year lease, pays to the land owner. The landowner is called a freehold owner and holds title to the land, whereas the other person is called a leasehold owner and holds title to the building erected on the land. After the expiration of the lease, either the leasehold owner vacates the land or pays an agreed upon sum to become a freehold owner.

Definition 2
In the U.S., the rent earned from a leased land under the terms of ground lease.

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