What is an estate for years?

An estate for years, also known as a leasehold estate, is a type of lease agreement in which the tenant has the right to possess and use the property for a specified period of time. This type of lease typically has a fixed term, such as one year, five years, or ten years.

During the term of the lease, the tenant is responsible for paying rent and abiding by the terms of the lease agreement. The landlord is responsible for maintaining the property and fulfilling any other obligations outlined in the lease.

An estate for years differs from a periodic tenancy in that it has a specific end date, whereas a periodic tenancy continues on a month-to-month basis until either the tenant or landlord gives notice to terminate the agreement.

At the end of the lease term, the tenant must vacate the property unless they negotiate an extension or renewal of the lease with the landlord. The tenant may also have the option to purchase the property or enter into a new lease agreement with the landlord.

Overall, an estate for years provides both the tenant and the landlord with a clear understanding of their rights and responsibilities for a predetermined period of time.