What Does Freehold Property Mean?

Photo Courtesy: Westend61/Getty Images

When it comes to property in the United States, you generally fall into one of two categories: an owner or a tenant. In many other countries, including the U.K., the terms freehold and leasehold are much more common when referring to property ownership. 

So, what exactly do these terms mean? We'll delve into their connotations as well as the responsibilities that go along with each type of ownership.