Question

Suzette is leasing a condo from the Garcias. She has been renting the condo for over three years. She renews the lease each year and, because of her loyalty and exemplarily ren

Answer 1

The Garcias own the condo in freehold but rent it to Suzette in leasehold.

What is leasehold?

• 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.

Thus, a leasehold differs from a freehold or fee simple, where property ownership is acquired outright and afterwards retained for an indefinite amount of time, as well as from a tenancy, when a property is let (rented) on an irregular basis, such as weekly or monthly.

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