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peppercorn reny
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what is peppercorn rent
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Peppercorn rent is an agreement to demonstrate that legally, the land is leasehold, not freehold. In order for a lease to be valis, the landlord must receive rent from the tennant - in the case where the landlord does not want rent, but merely to preserve the leasehold, he offers a 'peppercorn' rent - which means that no rent is actually received. the term comes from the days when the tennent would actually hand over one peppercorn, as notice of how small the rent is - but in modern times, it's the legal term for a 'gentleman's agreement'.
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