Leasehold

Leasehold

A form of homeownership where the homeowner buys the right to have full and exclusive  ownership of a home and the land it sits on for a defined period. Leasehold is in contrast to freehold ownership, which gives the homeowner the right to use and occupy the land and building for an indefinite period.

You own the building or unit and rent or lease the land it sits on. This type of ownership is common for townhouses or apartments built on city-owned land and mobile units on leased land.