A leasehold property is a type of real estate where a person, known as the leaseholder, rents the property from a landlord, who owns the land. The leaseholder typically pays rent for a specified period, which can range from a few years to several decades. At the end of the lease term, ownership of the property reverts back to the landlord. Leasehold properties are common in many areas, especially in urban settings. They often come with specific terms and conditions outlined in a lease agreement, which may include restrictions on modifications and responsibilities for maintenance. Understanding these terms is crucial for potential leaseholders.