Leasehold title grants a tenant a right to exclusive enjoyment of the land. It does not confer any ownership of the land. The most common leasehold interest is a fixed-term tenancy agreement.
There are other leasehold interests, including the following:
A periodic tenancy occurs when a tenant rents a premise on a monthly basis. It is sometimes also called a “month to month” basis. In the absence of a rental agreement a periodic tenancy is implied.
Tenancy at will
A tenancy at will has no specific duration. It is terminable at the will of either party. In such situations the relationship between the landlord and the tenant is generally personal in its nature.
Tenancy at sufferance
A tenancy at sufferance is a tenancy of a lessee who initially occupies the property lawfully at the commencement of a lease, but who continues to occupy the premises improperly after his or her lease rights have expired.