Definitions

1. noun

A type of property ownership where the owner rents the land from a third party but has the right to build and sell structures on it.

“The company purchased a leasehold on the commercial property and plans to renovate the building.”

2. noun

A type of tenancy agreement between a landlord and a tenant, where the tenant is granted exclusive use of a property for a specified period of time in exchange for rent or other forms of payment.

“The leasehold agreement between the landlord and tenant will expire in five years.”