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Land Lease means a written contract whereby the lessee is granted a right to possess, use or occupy land for a specified purpose and duration, and includes a master lease, a sublease and a lease or sublease that has been assigned.

Lease Contract: One of the most significant parts of the leasing process is the lease agreement. Both the lessor and the lessee need to sign a contractual agreement where they list the details, terms, and conditions of the contract. The duration of the lease agreement will be cited.

The lease agreement is valid for a period of 99 years, after which the property reverts back to the lessor (the owner of the property). Rights and Responsibilities: The lessee has certain rights over the property during the lease period, including the right to use, occupy, and transfer the lease to another party.

The leasehold land means the original owner/freeholder retains title of the land but leases the flat or home on the land to the flat-owner for a predetermined period (the "lease period") instead. However, in the case of freehold property, both the land and the construction on it are owned by the same person.