Explanations
A lease contract is consistently considered personal property, not real property or a freehold estate. Although a lease grants an interest in real property by allowing possession and use for a specified period, it does not convey ownership of the land or permanent attachments. Leasehold estates are categorized as “non-freehold estates” or “less-than-freehold estates” because they are of limited duration, distinguishing them from freehold estates which represent ownership of indefinite duration.
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