The leasehold estate is a state of ownership in which the renter possess the rig

Question

The leasehold estate is a state of ownership in which the renter possess the right of the property temporarily for a period of time according to the line of the agreement, which was to be signed by both the parties renter and the prime landholder. The line of the agreement is a legal contract binding both parties which give the tenant a right of possession of a property for a specific period of time.

There are 4 types of the leasehold estate, which has unique characteristics pertaining to lease period and the relationship between landlord and the tenant.

1. Leasehold Estate for Years: Here the period of agreement may be for weeks, months or years specifically mentioning the starting and closing dates in the contract agreement. Unless specifically mentioning the revamping of the contract the agreement will be valid for the previously discussed dates. There is no need of prior notice as they will be aware of the ending dates.

2. Leasehold Estate from Period to Period: This is a type of contract in which the agreement initially specifies the length of the contract but it does not end after the specific period, it gets automatically renewed unless terminated by both the parties. And the termination notice period varies from 30-90 days depending upon jurisdiction.

3. Leasehold Estate at Will: The contract has no end date and no initial period of tenancy defined in the agreement. It continues as long as the owner gives permission to the tenant to stay on the property. If any of the parties want to terminate the contract, they need to terminate as per their lease laws in their state.

4. Leasehold Estate at Sufferance: This type of contract is a state in which the owner allows the tenant to stay in the property at his own will after the lease has been expired. Here owner has the sole right to taking any decision regarding the termination of the contract.

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Satish

Explanation / Answer

What is a leasehold estate? What types of leasehold estates, or tenancies, can be created when real property is leased?

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