Under a leasehold, a leaseholder is granted the right to use a parcel of land for a specified period of time. However, the owner of the property retains ownership of the land and may resume using it themselves or sell it to another party once the leasehold agreement expires. Leasehold rights are typically granted for a period of 99 years and can be inherited or sold. Leasehold rights are an alternative to purchasing land outright and can be an affordable way to acquire a building lot.
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