leasehold

Legal rights may be held over land by way of leasehold or freehold estate. Leasehold rights are granted for a fixed number of years and is an absolute grant for a ’term of years’. Rent is ordinarily payable and payment is conditional upon the continuation of the lease.

Usage: The leasehold interest in the land was granted for a term of ten years.

Related Words: real property; freehold; easements; corporeal hereditaments; incorporeal hereditaments; lessee; lessor.