What is a leasehold estate?

A leasehold estate is a form of property ownership in Virginia, which is created when a person (or “tenant”) enters into an agreement with a landlord to use the landlord’s property for a certain period of time. This agreement is known as a “lease”, and it outlines the tenant’s rights and responsibilities, as well as the landlord’s. The tenant is usually granted exclusive possession of the property for the duration of the lease. However, the landlord owns the legal title to the property. Leasehold estates are temporary interests in property and they typically last for a fixed period of time. During this period, the tenant can use the property exclusively, as long as they abide by the terms of the lease. Upon the end of the lease period, the tenant must return the property to the landlord. Leasehold estates are one of the many forms of interest in property that can be granted under Virginia law. Others include fee simple, which is permanent ownership of the property; and life estates, which can be arranged to last for only the duration of the life of an individual. Understanding the nuances of these interests is important for anyone who owns property in Virginia.

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What is a leasehold estate?

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