A lease is a special kind of interest in real property. Contrary to an ownership interest, a lease interest allows a person to use property without actually owning it. A person who leases property generally enters into a contract with the actual owner of the property before being allowed to use the real estate; in Minneapolis, corporate and private citizens lease space for operating businesses, running companies and living with their families.
Many Minneapolis residents have heard the phrase, "good fences make good neighbors." The implication of this concept is that neighbors do better when they are not in each other's business. However, it can be hard for some neighbors to stay out of each other's way when they do not agree on where one party's land ends and the other's begins.
When a Minnesota resident begins the process of buying a home, the person has some important decisions to make. One of those decisions concerns whether the person will buy a new construction or an existing home. While a new construction home is one in which the buyer is the first owner, in an existing home a buyer moves in after prior titleholders.