Featured in Apartment Therapy
“What is a Leasehold”? By Gina Vaynshteyn’s article:
What is Leasehold
A leasehold 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.
Leasehold Featured Quote
Generally “to prove and immortalize the ownership of the property. The owner receives a legal document – the “deed”. Then, the “deed” is recorded in the county the property resides in. Furthermore by recording the “deed”, the owner evidence ownership to the bundle of rights to the property,” explains Karen Kostiw, an agent with Warburg Realty in New York City.
4 Types of Tenancy
- First Type: Estate for Years
- Second Type: Estate from Period to Period
- Third Type: Estate at Will
- Fourth Type: Estate at Sufferance