What is the difference between a 'freehold estate' and a 'leasehold estate'?

FREEHOLD ESTATE is an ownership interest in real property of indefinite duration: FEE SIMPLE ABSOLUTE (most common, most complete — owner has full rights, passes to heirs); FEE SIMPLE DEFEASIBLE (ownership that can be terminated if a condition occurs — 'so long as used as a school'); LIFE ESTATE (ownership limited to someone's lifetime). LEASEHOLD ESTATE is a non-ownership possessory interest: tenant has the RIGHT TO POSSESS the property under a lease but does not own it; landlord retains ownership (the 'leased fee' interest). Types of leaseholds: Estate for Years (fixed term, definite end date); Periodic Tenancy (month-to-month); Tenancy at Will (terminable by either party at any time); Tenancy at Sufferance (holdover tenant after lease expires). The distinction between owning (freehold) and renting (leasehold) is foundational to real estate.