Leasehold estate: West's Encyclopedia of American Law (Full Article) from Answers.com Mobile

landlord and tenant

Parties to the leasing of real estate, whose relationship is bound by contract. The landlord, or lessor, is the owner; the tenant, or lessee, supplies payment in order to enjoy possession and use of the property for a specified period. Important forms of tenancy include tenancy for a fixed period, periodic (seasonal) tenancy, tenancy at will, and holdover tenancy (whereby a tenant remains after the contract has ended). See also real and personal property, rent.

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