Freehold Property: Freehold property is also known as a fee simple ownership. It means that the owner has complete ownership of both the property and the land it is built on. They have the right to use, occupy, and sell the property at their own discretion, subject to any municipal, provincial, or federal laws. The ownership is not limited in time, and the owner is responsible for all costs associated with maintaining the property.
Leasehold Property: Leasehold property, on the other hand, is when an individual owns the right to use and occupy a property for a specific period of time, usually decades. The land is owned by another party, such as the government, a corporation or an individual, and they lease the land to the leasehold property owner. The owner of a leasehold property has the right to use and occupy the property during the lease period, but they do not own the land beneath the property. There are certain limitations and obligations for leasehold property owners. They must pay rent to the landowner and may be subject to certain restrictions on how they can use and develop the property. They may also have to maintain the property in accordance with the lease agreement. In summary, freehold ownership is the complete ownership of both the property and land, while leasehold ownership is the right to use and occupy the property for a specific period of time without owning the land.