What type of property right does a buyer have when they acquire property they have been leasing?

When a buyer acquires property that they have previously been leasing, they transition from possessing a leasehold interest to owning the property outright. A leasehold interest gives the lessee the right to occupy and use the property for a specified period under the terms agreed upon in the lease. However, once the lessee becomes the buyer and purchases the property, they gain full ownership rights associated with the property, which includes both the rights to occupy the property and to sell or transfer it in the future.

A leasehold interest is temporarily based on an agreement and does not confer ownership; instead, it reflects the relationship between the landlord and tenant. When the buyer buys the property, they effectively terminate the leasehold relationship, shifting to a freehold estate that grants them complete ownership. This change in property status is a fundamental aspect of real estate transactions and highlights the difference between leasing and owning.

The other options do not pertain to the specific type of property right obtained when a lessee becomes a buyer. Insured mortgages concern the financing of the property, jumbo loans refer to specific types of loans that exceed certain limits, and junior mortgages are subordinate loans taken out against a property. None of these concepts reflect the change in property rights from a leased status to an