A leasehold estate is a type of property ownership where a person, known as the lessee or tenant, rents land or a building from another party, called the lessor or landlord. This arrangement allows the tenant to use the property for a specified period, as outlined in a lease agreement, while the landlord retains ownership of the property. Leasehold estates can vary in duration, ranging from short-term leases to long-term agreements that may last several years. The tenant typically pays rent and may have certain rights and responsibilities regarding the property, while the landlord maintains ownership and may impose rules or restrictions on its use.