Leasehold Estate

An interest in land created by a landlord and tenant, most commonly by a lease. This interest in land is created for a fixed period of time, such as a month, year, or more. There is no limit on the time that a leasehold estate may be in effect. A leasehold estate provides the owner of this estate the right to exclusive use and possession of the property, subject to contractual limits contained in the terms of the lease.

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