What distinguishes freehold estates from leasehold estates?

Freehold estates are characterized by granting ownership rights to an individual for an indefinite period, which means the owner has full control and can transfer or develop the property as they see fit. This type of ownership signifies a permanent interest in the property, wherein the owner is not subject to a predetermined end date for their possession.

On the other hand, leasehold estates pertain to the rental agreements between a landlord and a tenant, where the tenant holds the right to use and occupy the property for a specified term, but does not own it. This relationship limits the tenant's rights to a certain period defined in the lease agreement. The tenant must vacate the property once the lease term expires, distinguishing it from the more permanent nature of freehold estates.

Understanding this distinction is essential, as it highlights the fundamental differences in property interest and occupancy, affecting rights, responsibilities, and the duration of control over the real estate.