Leasehold Estate

A leasehold estate is a legal arrangement where a person, known as the tenant, rents property from a landlord for a specified period. The tenant pays rent and has the right to use the property, but does not own it. Typically, leasehold agreements outline the duration of the lease, responsibilities for maintenance, and conditions for renewal or termination. Unlike freehold ownership, where one owns the property outright, leasehold means the landlord retains ultimate ownership. At the end of the lease term, the tenant must vacate the property unless the lease is renewed.