The tenant's interest in the property is referred to as what?

The tenant's interest in the property is referred to as a leasehold estate. This term describes the right of the tenant to occupy and use the property for a specified period under the terms of a lease agreement. A leasehold estate is unique because it does not convey ownership of the property; instead, it provides the tenant with rights to use and possess the property as stipulated in the lease.

In contrast, a freehold estate refers to a form of estate where the owner has full ownership and indefinite duration, such as in the case of owning a home. An equity interest typically relates to ownership in a property that has underlying debt, often relevant in mortgage contexts. Possessory interest is a more general term that encompasses any interest that allows for possession of a property, which could include leasehold estates but does not specifically identify the tenant's interest clearly as a leasehold.

Thus, a leasehold estate specifically denotes the interest of a tenant who has leased a property, emphasizing the nature of their rights and their limitations compared to outright ownership.