The term that best describes the rights contained in a lease agreement is "Leasehold Estate." A leasehold estate refers specifically to the tenant's right to occupy and use the property under the terms outlined in the lease agreement. This type of estate is distinct from ownership; instead of owning the property outright, the tenant holds a temporary interest in the property, typically for a set duration defined in the lease.
In a leasehold estate, the landlord retains ownership and title to the property, but grants the tenant specific rights that allow them to live in or use the property as agreed upon. This arrangement establishes a relationship where the tenant must adhere to the terms of the lease while the landlord must respect the tenant's rights during the period of the lease.
Understanding leasehold estates is crucial because they delineate the specific rights and responsibilities of both landlords and tenants, making it clear what each party can expect throughout the lease term. Other terms listed, such as real property rights and ownership rights, generally pertain to outright ownership of real estate or broader property rights, which do not specifically capture the nature of the tenant's relationship with the leased property. Life estate also refers to a particular type of ownership that is held for the duration of an individual's life, rather than the