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JX0 Seetan

Full regions "for sale"...but who owns it?

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Hello! I've just found a real estate company selling several full island regions for suspiciously low prices, and of course I want to jump on it, but I'm dubious. 

Their land description runs thusly:

"Full Estate Manager Rights,No Covenant,Private Island
Change Ground Textures,Change From Adult,Mature,PG,Terraform,Limit 110 Avatars
Total Control of Water,Height,Weather,Media,Restart Region.
No Need Premium Account,Divide,Subdivide"

I'm not very savvy about SL real estate details, but I understand that Estate Manger is not the same as Owner. If I buy this land, is it really mine? Or is this just a version of renting? How can one own land without a premium account? 

Thanks for any help and explanations!

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