A leasehold estate for any specific period of time is known as estate for years
A leasehold estate is a temporary ownership of the right to possess land or other property in which a lessee or tenant retains real property rights under some sort of title from a lessor or landlord. A leasehold estate is often regarded as personal property even though a tenant does have rights to real estate.
In a leasehold arrangement, one party purchases the right to occupy land or a building for a predetermined period of time. Leasehold real estate can be bought and sold on the open market since a lease is a legal estate.
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