Featured in Gina Vaynshteyn’s Apartment Therapy article: “What is a Leasehold”? Read the full story and learn more about what a Leasehold is and the 4 types?
“To prove and immortalize the ownership of the property, the owner receives a legal document called the deed, which is then recorded in the county the property resides in. By recording the deed, the owner evidences ownership to the bundle of rights to the property,” explains Karen Kostiw, an agent with Warburg Realty in New York City.
A leasehold, as we’ve learned, is when a person is leasing a property actually owned by someone else for an extended period of time, treating it as their home. Someone with a leasehold can’t execute the kinds of actions a freeholder can, like selling the house or transferring ownership of it.
Photo Credit: flickr – House Buy Fast |