What is leasehold relation?

A leasehold relation is a legal arrangement where one party, the lessee, acquires the right to use and occupy a property owned by another party, the lessor, for a specified period in exchange for rent or other compensation. This relationship is governed by a lease agreement, which outlines the terms, conditions, and responsibilities of both parties. Leasehold interest typically includes the right to use the property but does not confer ownership, as the lessor retains title to the property. Leasehold arrangements are common in real estate, commercial properties, and various types of land use.