Leaseholds and Leasing Concepts in Law

Leasehold estate

This defines the legal relationship between the parties who sign the lease. It grants possession, but not title, to the tenant, and is for a limited period of time.

Estate for years

This is a fixed termination type of lease that may be for a day, week, month, year, several years, or any definite period of time. When the specified date occurs, the lease terminates automatically.

Periodic estate

This involves possessory interest that's automatically renewed at the end of each period specified in the lease. An example would be a month-to-month lease.

Estate at will

In this type of leasehold, the duration of the lease is unknown at the time it's created.

Estate at sufferance (a.k.a. tenancy at sufferance)

This is a type of possession in which a tenant stays after the right to possess has terminated.

Holdover tenant

This is a tenant who refuses to leave after the expiration of a lease.

Lease

This is a contract that transfers possession for consideration.

Lessee

This is the one who leases and is placed in possession (tenant).

Lessor

This is the one who leases out, granting temporary possession to another (landlord).