an ownership interest granting the right to use the property for a specific period of time (usually 20 to 99 years) wherein ownership rights are retained by the developer, the lessor, or some other entity. See Right to Use.
The owner of a leasehold property owns the property for a term of years, for example 99 years or 999 years. The purchase does not own the land where the property is built and once the term of the Lease expires then the property will revert back to the ownership of the freeholder (Landlord).
The purchaser owns the property but pays ground rent annually and is subject to the terms of the lease.