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Understanding Leasehold Property and Its Benefits
A leasehold property is a building or a piece of land that is purchased by an individual for a predetermined amount of time. The person that occupies the property is known as the "lessee or tenant". The owner of the property is the "lessor or landlord". The tenant purchases the right to occupy the property for a given length of time from the landlord. Leasehold differs from a tenancy because the leasehold agreement is usually for a very long period of time, usually anywhere from 5 years to more than 25 years. On the other hand, a tenancy is usually based on... »
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