What term describes an interest in property established through a lease?

A leasehold estate refers to the right to use and occupy real property for a stated term in accordance with the lease agreement. When a property is leased, the tenant, or lessee, obtains an interest in the property for the duration of the lease, which is regarded as a temporary right. This interest is distinct from ownership, as the lessor, or landlord, retains the underlying ownership of the property while granting the lessee the right to utilize it.

Understanding leasehold estates is crucial, as they define the relationship between landlords and tenants, outlining rights and responsibilities during the lease period. In contrast, terms like fee simple estate, freehold estate, and life estate refer to different types of ownership interests in real property, emphasizing complete ownership or rights tied to the life of an individual rather than a temporary agreement like a lease.