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John is considering leasing his commercial property, Meadowfield Office, to a tenant for a fixed period. He wants to understand the technical term for a leasehold estate in land to ensure he uses the correct terminology in the lease agreement.
What is the technical name for a leasehold estate in land?
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The technical term for a leasehold estate in land is a "term of years absolute." This term does not need to be granted in possession, meaning that the grantee is not necessarily immediately entitled to the use of the land. It is possible for a term of years to be granted in reversion, meaning the grantee will be entitled to the use of the land at a future date, on the commencement of the lease.
Key Point: The term "term of years absolute" is the technical name for a leasehold estate in land, which can be granted either in possession or in reversion.
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