HOME
The Info List - 99-year Lease





A 99-year lease was, under historic common law, the longest possible term of a lease of real property. It is no longer the law in most common law jurisdictions today, yet 99-year leases continue to be common as a matter of business practice and conventional wisdom. The law[edit] Under the traditional American common law doctrine, the 99-year term was not literal, but merely an arbitrary time span beyond the life expectancy of any possible lessee or lessor.[1][2] William Blackstone
William Blackstone
states that a lease was formerly limited to 40 years, although much longer leases (for 300 years, or 1000 years) were in use by the time of Edward III.[3] The 40-year limit was based on the unreliable text "The Mirror of Justices" (book 2, chapter 27). In the law of several US states, a 99-year lease will always be the longest possible contract for realty by statute, but many have enacted shorter terms and some allow infinite terms.[4] The 99-year lease concept has been more common under the civil law regimes when it comes to concessions of territory: most concessions last for 99 years.[citation needed] See also[edit]

Ground rent Lend-lease Rule against perpetuities 999-year lease Convention for the Extension of Hong Kong Territory
Convention for the Extension of Hong Kong Territory
resulted in the 99-year lease of Kowloon, New Territories
New Territories
to Britain in 1898

References[edit]

^ Mortgage News Daily web site article on a 99-year lease. Accessed 20 February 2008. ^ Cecil Adams, Why are leases made for 99-year terms?, 22 July 1977, found at The Straight Dope article on 99-year lease. Accessed 20 February 2008. ^ William Blackstone
William Blackstone
(1753), Commentaries on the Laws of England, Book 2, Chapter IX "Of estates less than freehold" ^ Law Office of James Kaklamanos web site page on 99-year lease. Accessed 20 Fe

.