A tenant's right to use a property for a fixed period of time
If you pay rent, you hold a leasehold estate, commonly called a lease or leasehold. This means that you can freely live and use the facilities of a rented property, which can be an apartment, house or condo, under the terms of a lease until it expires. There are four types of leasehold estates.
|Estate for years|| A tenant that has a lease for a set period of time. The rent must remain the same until the lease expires.
|Estate from period
| A tenant with a lease that lasts month to month. The lease is automatically renewed at the end of each month. The tenant has to give 30 days notice.
|Estate at will|| When there's no lease between the tenant and the landlord.
|Estate at sufferance||When a tenant lives on a property without the landlord's permission or paying rent.|
See: Lease, Estate, Lease To Purchase Option Calculator