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A leasehold property is real estate you own for a fixed period but not the land beneath it. You purchase a long-term lease from the freeholder, granting the right to occupy the property for a set number of years. During the lease, you can sell, rent, or mortgage the property within the lease terms. When the lease expires, ownership reverts to the freeholder unless extended or renewed.

A legal description is a detailed, technical statement that precisely identifies a piece of land by its boundaries, dimensions, and location, allowing for clear property ownership transfer. It is more exact than a street address or tax parcel number and must enable a surveyor to pinpoint the property accurately. Professionals prepare legal descriptions, which are recorded on deeds and mortgages.

A leasehold property means you own the building for a fixed term but not the land beneath it. The land remains under the freeholder’s ownership, and you hold a long-term lease granting you the right to occupy the property, usually in exchange for ground rent or other payments. When the lease ends, the building typically reverts to the freeholder, although leases can often be extended.

A legal description is a precise, professional text that defines a property’s boundaries, dimensions, and location, making it legally valid for ownership transfer. Unlike a street address, it allows surveyors to identify the property exactly. Legal descriptions are commonly found in deeds, mortgages, and other official property records, not on tax bills or signage.

A legal description is an official, exact record of a property’s location, size, and boundary lines, sufficient for legal ownership transfer. It provides far more precision than an address or tax parcel number and allows surveyors to accurately find the land. Legal descriptions are prepared by experts and appear on deeds, mortgages, and related official documents.