freehold

Freehold refers to a form of real property ownership in which the holder owns land and any structures thereon for an indefinite period. In common-law systems it is contrasted with leasehold, where possession is limited by a lease. A freehold title typically carries a bundle of rights, including exclusive possession, use, transfer, mortgage, and the ability to bequeath the property, subject to applicable laws and zoning regulations. The principal freehold estate is fee simple absolute, which provides near-total ownership with few encumbrances; other freehold forms, such as a life estate, exist but are less common for urban property.

Duration and transfer: The duration is effectively perpetual, and the owner may sell, gift, or pass the property to heirs. Freeholders may subdivide, develop, or improve the land, subject to planning rules. They are responsible for ongoing costs such as property taxes, maintenance, insurance, and compliance with local covenants, conditions, and restrictions that apply to the property.

Jurisdictional notes: In the United States, the common freehold interest is called fee simple (absolute). In the United Kingdom and many Commonwealth countries, freehold is contrasted with leasehold, and reforms have addressed issues such as lease extensions, enfranchisement, and rights of first refusal for tenants. In civil-law jurisdictions, ownership may be described in terms of full ownership rather than freehold, and terminology varies by country.