What does 'leasehold estate' specifically refer to?

The term 'leasehold estate' specifically refers to the tenant's rights to occupy and use a property for a defined period of time according to the terms of a lease agreement. It represents a contractual arrangement where the tenant, or lessee, has an interest in the property but does not have ownership rights. Instead, the landlord, or lessor, retains ownership and the larger set of rights associated with that property.

In a leasehold estate, the tenant is granted the right to use and benefit from the property during the lease’s term, which can range from short-term, like a month-to-month lease, to long-term, such as several years. This arrangement distinguishes leasehold estates from freehold estates, which refer to ownership interests in a property.

The other options describe concepts that are not directly associated with leasehold estates. For instance, the right to buy property pertains to ownership interests, while forms of ownership are classifications of freehold estates. The right of a lender to sell property concerns mortgage agreements and does not relate to the rights afforded under a leasehold estate. Understanding this distinction is essential for professionals analyzing leases and property rights.