Emphyteutic lease
Encyclopedia
An Emphyteutic lease is a type of real estate
contract
specifying that the lessee must improve the property with construction. The term is commonly used in Quebec
. These sorts of leases are usually associated with government properties.
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
contract
Contract
A contract is an agreement entered into by two parties or more with the intention of creating a legal obligation, which may have elements in writing. Contracts can be made orally. The remedy for breach of contract can be "damages" or compensation of money. In equity, the remedy can be specific...
specifying that the lessee must improve the property with construction. The term is commonly used in Quebec
Quebec
Quebec or is a province in east-central Canada. It is the only Canadian province with a predominantly French-speaking population and the only one whose sole official language is French at the provincial level....
. These sorts of leases are usually associated with government properties.