What is a leasehold estate?

A leasehold estate is a type of real estate arrangement in which one party (the tenant) agrees to pay a rent to another party (the landlord) in exchange for occupying and using the property for a set period of time. Under a leasehold estate, the tenant does not have ownership of the property but is given the right to use it for the duration of the lease. In Washington, leasehold estate agreements are usually recorded in county or court records to provide evidence of the tenant’s right to use the property. The tenant’s right is limited to the terms of the lease, which outline the rights, obligations, and responsibilities of both parties. These include the amount of rent, the length of the lease, and the maintenance and repair of the property. At the end of the lease term, the tenant must vacate the property. In some cases, the tenant may have the option to renew the lease, at which point the terms of the lease may be renegotiated. Leasehold estates can be beneficial for both tenants and landlords, providing tenants with the right to use a property for a certain amount of time and landlords with the assurance of rental income over a period of time.

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What is a leasehold estate?

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