Most people know the difference between renting and owning a home, but there 's a third category many aren 't familiar with called a leasehold property. That 's where you lease or rent property, but for far longer than a tenant 's usual one- or two-year time frame. Contracts for leaseholds, in contrast, last for a .This article will help you understand some of the issues involved in buying and owning residential leasehold condominium and cooperative apartments, as well as dwelling units within Planned Developments PUD . This article uses the term apartment unit to refer to all three forms of ownership. Anyone buying a leasehold .Leasehold means that you just have a lease from the freeholder sometimes called the landlord to use the home for a number of years. The leases are usually long term - often 90 years or 120 years and as high as 999 years - but can be short, such as 40 years..
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