Definition: In real estate, one type of leasehold estate is the estate for years, or estate for term.
In this type of lease, there is a defined specific beginning date and an ending date for a specific term. This means that no notice to vacate is required, as the ending date of the lease is when the tenant should vacate the property.
The lease cannot be terminated before expiration unless both parties agree. The rights and obligations of the owner or landlord and the tenant are spelled out in the lease.
Also Known As: estate for term
