What is a leasehold estate?

A leasehold estate is a form of real estate ownership in which a tenant has a legal right to possess and occupy property that is owned by someone else. In the state of Virginia, leasehold estates are created when the owner of the property (known as the landlord) enters into a lease agreement with the tenant. The lease agreement outlines the terms of the leasehold estate, such as the length of the lease and the amount of rent to be paid. When a tenant signs a lease agreement, they are granted exclusive legal possession of the property for the duration of the lease. Although the tenant technically does not own the property, they have all of the rights of an owner, including the right to occupy the property and to make improvements as long as they comply with the lease agreement. After the lease expires, the tenant must vacate the property or risk being evicted by the landlord. Leasehold estates are also sometimes known as rental properties. In Virginia, leasehold estates can be used for either residential or commercial purposes, depending on the type of lease agreement that is signed and the property in question.

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What is a leasehold estate?

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