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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 .
The sale of land is governed by the laws and practices of the jurisdiction in which the land is located. Real estate called leasehold estate is actually a rental of real property such as an apartment, and leases (rental contracts) cover such rentals since they typically do not result in recordable deeds.
Leasehold: An estate of limited term, as set out in a contract, called a lease, between the party granted the leasehold, called the lessee, and another party, called the lessor, having a longer estate in the property. For example, an apartment-dweller with a one-year lease has a leasehold estate in her apartment.
Lessor is a participant of the lease who takes possession of the property and provides it as a leasing subject to the lessee for temporary possession. [1] [2] For example, in leasehold estate, the landlord is the lessor and the tenant is the lessee. The lessor may be the owner of the property or an agent authorized on the
Under the terms of a lease agreement, the freeholder (the outright owner of the land or property) grants permission for a leaseholder to take possession of the property for a specified period of time. This could range from 21 years to 999 years, and during this time, the leaseholder will pay ground rent to the freeholder.
A reversion in property law is a future interest that is retained by the grantor after the conveyance of an estate of a lesser quantum than he has (such as the owner of a fee simple granting a life estate or a leasehold estate).
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There are four categories of leasehold estates: estate for years (a term of year absolute or tenancy for years)—lease of any length with specific begin and end date; periodic estate (periodic tenancy)—automatically renewing lease (month to month, week to week) estate at will (tenancy at will)—leasehold for no fixed time or period. It ...