Leasehold estate

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A leasehold estate is an ownership of a temporary right to hold land or property in which a lessee or a tenant has rights of real property by some form of title from a lessor or landlord.^[1] Although a tenant does hold rights to real property, a leasehold estate is typically considered personal property.

Leasehold is a form of land tenure or property tenure where one party buys the right to occupy land or a building for a given time. As a lease is a legal estate, leasehold estate can be bought and sold on the open market. A leasehold thus differs from a freehold or fee simple where the ownership of a property is purchased outright and after that held for an indeterminate length of time, and also differs from a tenancy where a property is let (rented) periodically such as weekly or monthly.

Terminology and types of leasehold vary from country to country. Sometimes, but not always, a residential tenancy under a lease agreement is colloquially known as renting. The leaseholder can remain in occupation for a fixed period, measured in months or years. Terms of the agreement are contained in a lease, which has elements of contract and property law intertwined.