leasehold property

A leasehold property refers to a type of real estate ownership where an individual or entity holds the rights to use and occupy a property for a specified period under a lease agreement. Unlike freehold ownership, leasehold does not grant permanent ownership of the land; instead, the leaseholder has the right to use the property according to the terms set out in the lease, which can range from several years to decades. Understanding leasehold properties is essential for buyers and investors, as it affects property rights, responsibilities, and potential resale value.