What is a leasehold estate defined as?

A leasehold estate is defined as a fixed length of time during which a tenant is granted the right to occupy and use a property, typically through a lease agreement. This arrangement is distinguished from ownership, as the tenant does not possess ownership rights in the property, but rather a temporary right to use it. The duration of a leasehold estate is specified in the lease agreement, meaning it has a clear start and end date, which can vary from a few months to several years, depending on the terms agreed upon by the landlord and tenant.

This concept of having a defined period is fundamental in real estate transactions, especially in rental contexts, where both lessor (the property owner) and lessee (the tenant) need clarity on the duration of the tenancy. In contrast, other types of estates mentioned in the other options convey different property rights or durations that do not align with the notion of a leasehold estate.