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A leasehold estate is an ownership of a temporary right to hold land or property in which a
Leasehold is a form of
Until the end of the lease period (often measured in decades or centuries; a 99-year lease is quite common) the leaseholder has the right to remain in occupation as an assured tenant paying an agreed rent to the owner. Terms of the agreement are contained in a
The term estate for years may occasionally be used. This refers to a leasehold estate for any specific period of time (the word "years" is misleading.) An estate for years is not automatically renewed.
Colloquially, "lease" and "
Laws governing landlord-tenant relationships can be found as far back as the
Modern leasehold estates can take one of four forms—the fixed-term tenancy or tenancy for years, the periodic tenancy, the tenancy at will, and the tenancy at sufferance. Forms no longer used[
When a landowner allows one or more persons, called "tenants", to use the land in some way for some fixed period of time, the land becomes a leasehold, and the resident- (or worker-) landowner relation is called a "tenancy". A tenant pays
Tenancy was essential to the
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