What is a leasehold estate in real property?

A leasehold estate, commonly called a lease, is the property right granted to a tenant by a landlord. The lessor has limited rights similar to that of an owner, but for a limited term. The renter cannot materially change the property without the landlords consent. Any material changes to the property (such as installation of fixtures) become the property of the landlord upon termination of the lease.

• Note: The provisions of the Uniform Commercial Code, Article 2A govern leases of personal property.