A leasehold estate is a type of property ownership where a person, known as the lessee or tenant, has the right to use and occupy a property for a specified period, as outlined in a lease agreement. This arrangement is typically made with the property owner, known as the lessor, who retains the ultimate ownership of the property. Leasehold estates can vary in duration, ranging from a few months to several years. At the end of the lease term, the tenant must vacate the property unless the lease is renewed. This type of estate is common in residential rentals and commercial properties.