A land lease is simply that...a tenant is leasing a parcel of land for their use. Depending on the deal structure, the land may be delivered to the tenant in a few different ways - for the sake of keeping things simple, lets say there are two basic examples. The land can be delivered as raw land, whereby the tenant is responsible for bringing all electrical, plumbing, etc. to the site, do all the paving, curbing, lighting and building construction. Alternatively, the site can be delivered by the owner to the tenant as a "pad ready" site, where the tenant only needs to do their vertical construction and the owner does everything else. Regarding the contract, yes, there will most definitely be a contract between the owner and the tenant for a land lease.
Jul 24, 2010