What is a leasehold estate?

A leasehold estate is a type of real estate, which is a form of property ownership that exists in California. It is a contractual agreement between a tenant, known as a lessee, and a landlord, known as a lessor, for the use of a piece of real estate for a certain period of time. Under a leasehold estate, the tenant is given the right to use and possess the property, while the lessor retains full ownership of the property. The leasehold estate is typically for a set period of time, such as three years, during which the tenant must comply with all the terms and conditions of the agreement. The terms and conditions can include items such as payment of rent, payment of extra fees, maintenance of the property and more. At the end of the lease agreement, the lessee must return the property to the lessor in the same condition it was leased in, or face penalties. In California, a leasehold estate can cover any type of real estate, including residential, commercial, industrial, and agricultural properties. Furthermore, a leasehold estate can be either a fixed or a periodic agreement. A fixed agreement is a set lease period, while a periodic agreement is a lease that continues indefinitely until either the tenant or the landlord terminates it.

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What is a leasehold estate?

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