What is a leasehold estate?

A leasehold estate refers to the property interest that a tenant holds under a lease agreement with a landlord. This type of estate allows the tenant to occupy and use the rented property for a specified period of time, under the terms outlined in the lease. The landlord retains ownership of the property, while the tenant gains a legal right to use it. This relationship is significant as it establishes the tenant's rights, responsibilities, and the duration of their stay, creating a legally binding agreement between both parties. The concept of a leasehold estate is foundational in understanding tenant rights and property law, distinguishing it from outright ownership of the property.