A real estate lease is a written agreement between a Landlord (lessor) and the Tenant (lessee) establishing the rights and responsibilities of each party.
Long term leases. Many foreigners avoid the above restrictions associated with owning land by instead leasing the designated land over the long term. This option is generally completely acceptable and the foreigner may be afforded very broad rights to the land during the term of the lease.
There are, however, some legal and practical limitations associated with this option.
Foreigners are generally allowed to lease land (outside an industrial estate)
For up to 30 years. Foreigners may (depending on the terms of the lease)
Also own improvements erected on the leased property. However, no matter how broad the rights the foreign tenant has to the land during the lease period, the foreigner does not own any interest in the land. This is a very importation distinction.
If the foreign tenant wishes to divest his rights to the land he will limited to assigning those rights to the land to a third party assignee (if the terms of the lease permit such assignment) or waiting until the conclusion of the lease term. Because of this, the foreign tenant's interest in the land is generally regarded as much less marketable than if he owned the land outright.
Also, in order to be enforceable after the initial three-year lease period, all leases of land for period of longer than three years must be registered with the local land office where the land is located. After registration, the lease appears on the land title. If the lease is not registered, the terms of the lease are enforceable for the initial three-year period only.
TILA LEGAL can offer full legal protection services for prepare the lease agreement and represent you to register a lease at the land office.
1) Prepare/review the lease agreement
Scope of services:
2) Registration of transfer ownership
Scope of services: