Leasehold Estate

A leasehold estate is a type of property ownership where an individual (the tenant or lessee) has the right to use and occupy a piece of property for a specified period of time, as outlined in a lease agreement with the property owner (the landlord or lessor). Unlike a freehold estate, where the property owner has indefinite ownership rights, a leasehold estate is temporary and reverts to the landlord upon the expiration of the lease.