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Leasehold Estate
A leasehold estate refers to the rights that a landlord gives to a tenant permitting occupancy of a real property for a predetermined amount of time in exchange for rental payments or another agreed-upon form of compensation. This transfer of rights is usually executed by one of several types of lease agreements, depending on the period of time that the property is to be occupied by the tenant. An estate for years, also known as a tenancy for years, is a leasehold estate that has a definite beginning and a definite end which can range from one week to 100 years or longer. An estate from period to period, or periodic tenancy, is a type of leasehold estate that automatically renews at the end of a specific period of time unless either party gives notice of termination. A tenancy at will is also known as a freehold estate. This type of leasehold estate allows the tenant to occupy the property for an indefinite amount of time as long as both parties are in agreement to continue the estate. Tenancy at sufferance is a type of leasehold estate where the tenant enters into a legal agreement with the landlord to occupy a property but remains in possession of the property after the leasehold has expired without the owner's consent. In many cases, this tenancy will continue until the owner brings legal action against the tenant or the tenant voluntarily leaves.