Last Updated May 14, 2019

Law and Practice

Contributed By McGuireWoods LLP

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McGuireWoods LLP has a diverse real estate practice of more than 80 lawyers and land use planners in its offices in Tysons, Charlottesville, Richmond and Norfolk, with skills in a wide range of traditional and non-traditional real estate transactions. The firm’s transactional representation spans all aspects of real estate acquisition, development, financing and disposition, including acquisition, sale, leasing and financing transactions, as well as project finance, construction, public-private partnerships, negotiation of local and state incentives and privatization transactions. The team respresents clients around the world on various sides of such transactions, including Fortune 500 companies. The transactional practice is complemented by the firm’s land use expertise, as it frequently handles zoning and land use matters for development projects.

The primary arrangement in Virginia to document the use of real estate for a limited period of time is a lease, in which a property owner (as “landlord” or “lessor”) grants a leasehold estate to an occupant or user (as “tenant” or “lessee”) for a stated period. This may also take the form of a sublease, where an existing tenant/lessee grants a “sub”-leasehold estate to another occupant or user (as “subtenant” or “sublessee”). The sublease is often on separate written terms and conditions, and is typically subject and subordinate to the primary (or “master”) lease.

Alternatively, parties may elect to enter into a license agreement, which is a contractual arrangement that can be similar in nature to a lease, depending on the terms negotiated by the parties. The primary difference between a lease and a license is that, at common law, a license is revocable by the grantor and does not grant any formal “property” rights. Licenses are typically utilized for more short-term uses where the parties do not wish to establish a formal leasehold estate.

Finally, parties may also enter into an easement for this purpose. Like a lease, an easement grants an interest in real property, and for this reason easements are most commonly used to grant rights of a permanent nature (eg, utility easements, rights of way, etc). However, temporary easements are utilized in certain circumstances (eg, temporary access/construction easements, crane swing easements, etc). Easements may be exclusive or non-exclusive in nature.

McGuireWoods LLP

1750 Tysons Boulevard
Suite 1800
Tysons, VA 22102-4215

+1 703 712 5000

+1 703 712 5050

info@mcguirewoods.com www.mcguirewoods.com
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Authors



McGuireWoods LLP has a diverse real estate practice of more than 80 lawyers and land use planners in its offices in Tysons, Charlottesville, Richmond and Norfolk, with skills in a wide range of traditional and non-traditional real estate transactions. The firm’s transactional representation spans all aspects of real estate acquisition, development, financing and disposition, including acquisition, sale, leasing and financing transactions, as well as project finance, construction, public-private partnerships, negotiation of local and state incentives and privatization transactions. The team respresents clients around the world on various sides of such transactions, including Fortune 500 companies. The transactional practice is complemented by the firm’s land use expertise, as it frequently handles zoning and land use matters for development projects.

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