A leasehold is a type of property ownership where a person, known as the lessee, rents land or property from another party, called the lessor, for a specified period. The lessee pays rent and has the right to use the property, but they do not own the land itself. Leaseholds are common in residential and commercial real estate. Typically, leasehold agreements can last for several years, often ranging from 10 to 99 years. At the end of the lease term, ownership of the property reverts back to the lessor. This arrangement is different from freehold ownership, where the owner has complete control over the property indefinitely.