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Real Property • Landlord-Tenant
PROP#060
Legal Definition
A leasehold is an estate in land in where the landlord has a future interest and the tenant has a present possessory interest.
Plain English Explanation
A leasehold is the fanciest way to say "lease." If you've ever rented an apartment before, you held a leasehold estate. This meant that for the duration of your lease, you had exclusive, present possessory rights to live in the apartment. Your landlord has a future interest in your apartment, because one day your lease will expire and, at that time, the landlord will have present possessory rights to the apartment (more likely, though, they will lease it to someone else).
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