Leasehold Estates

A leasehold estate is an arrangement where a person (the tenant) rents property from a landlord (the lessor) for a specified period. The tenant pays rent and has the right to use the property, but they do not own it. Leasehold agreements can last for different lengths of time, often ranging from a few months to several years. At the end of the lease, the tenant must vacate the property unless a new agreement is made. This type of ownership is common in residential rentals and commercial properties.