What type of estate is owned by the tenant for a specified period of time?

The type of estate owned by a tenant for a specified period of time is referred to as an estate for years. This arrangement grants the tenant the right to occupy the property for a fixed term, whether that be days, months, or years. It is characterized by a clear beginning and end date that is established in the lease agreement, making it distinct from other types of tenancies.

In an estate for years, the terms of occupancy, including rent amount and duration, are agreed upon in advance, allowing both the landlord and tenant to have a clear understanding of their responsibilities and rights for the duration of the lease. Unlike a periodic tenancy, where the lease automatically renews at the end of each term, an estate for years concludes once the specified term ends without any need for notice from either party to terminate it.

This type of agreement offers stability for tenants who are looking to remain in a property for a predetermined period and is commonly used for residential or commercial leases.