Leasehold (Leasehold estate)
Lease or rental interests in real property. Holders of leasehold interests (tenants or lessees) have exclusive permission to possess, use, and occupy real property owned by the landlord (lessor) for a specified period of time, in accordance with local laws and the terms of the lease agreement, and in return for some sort of consideration. Leasehold estates do not constitute legal ownership of real property; rather, they are the personal property of the tenant. The four primary types of leasehold estates are estate (tenancy) for years, estate from period to period (periodic tenancy), estate (tenancy) at will, and estate (tenancy) at sufferance.
Same as Less-than-freehold estate.
Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Appraisal, Auction, Legal (Law), Management
Added: Fri Jan 06 2006
Last Modified: Tue Jul 08 2008