Freehold Property:-

1. A freehold property is in absolute possession of its owner or freeholder for a period of indefinite duration, which has the right to use the property at his free will subject only to the law of land.
2. The freeholder is inherently the absolute owner of the property; he holds it without any payment in the nature of rent. He may sell the property, divide it, develop it or donate or grant it on lease at his sweet will
3. Being a legal estate a freehold can only be transferred on the execution on a deed.
4. The freeholder, instead of occupying the property himself, grants or lets the exclusive possession of the premises to another for a certain period, in consideration of the payment of rent under a ‘lease’ or ‘tenancy’.

Leasehold Property:-

1. The leaseholder is known as lessee and holds the physical possession of the property for a definite period under terms and conditions specified in the lease document.
2. The lessee is used to pay an annual rent to the lessor and observes the contents in the lease.

The different types of lease are:

• Building lease,
• Occupation lease,
• Sub-lease,
• Life lease and
• Perpetual lease.