Leasehold estate
Terms of the agreement are contained in a lease, which has elements of contract and property law intertwined.In common law, the duration did not need to be certain, but could be conditioned upon the happening of some event (e.g. "until the crops are ready for harvest", "until the war is over").The landlord can offer to repurchase the property from their tenant for a negotiated price as long as both parties agree upon the deal.[5] Depending on the laws in force in a particular jurisdiction, different circumstances may legally arise where a tenant remains in possession of property after the expiration of a lease.The occupant may legally be a trespasser at this point, and the possession of this type may not be a true estate in land, even if authorities recognize the condition to hold the tenant liable for rent.Some jurisdictions impose an irrevocable election whereby the landlord treats the holdover as either a trespasser, or as a tenant at sufferance.At the end of their lease they need do nothing but continue payment of rent at the previous level and uphold all other relevant covenants such as to keep the building in good repair.They cannot be evicted unless the landlord serves a formal notice to end the tenancy and successfully opposes the grant of the new lease to which the tenant has an automatic right.Even this can only be done under prescribed circumstances, for example the landlord's desire to occupy the premises himself or to demolish and redevelop the building.[6] Pastoral leases cover about 44% of mainland Australia, mostly in arid and semi-arid regions and the tropical savannahs.The rent on the leases was abolished by the Gorton government in 1970, with the leasehold system now "almost identical in operation" to the freehold tenure typical of residential properties in other Australian jurisdictions.[citation needed] In the US, food co-ops supply tenants with a place to grow their own produce.This refers to a leasehold estate for any specific period of time (the word "years" is misleading, as the duration of the lease could be a day, a week, a month, etc.).power of eminent domain, the tenant may be able to earn either a reduction in rent or a portion of the condemnation award (the price paid by the government) to the owner, depending on the amount of land taken, and the value of the leasehold property.[where?]