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Benjamin discusses land leases, also known as ground leases, in which the land is leased separately from the building. The lease agreement is between the land owner and the user, lasting typically 50-99 years. Different types of land leases exist, such as agricultural and commercial leases. Prospective buyers considering purchasing a home on leased land should understand the implications. The video also provides a current example of a community of homes with an expiring land lease.