What is a Freeholder?

A freeholder is a person who owns a property or land outright, without any mortgage or other financial liens on the property. In other words, they are the full owner of the property and have complete control over it.

In the context of condominiums, a freeholder is an owner of a unit in a condominium building who also owns a share of the common elements, such as the lobby, hallways, and amenities like a pool or gym. The freeholder has a say in how the condominium is run and is responsible for paying their share of the maintenance fees and other expenses associated with the property.

In contrast, a leaseholder is someone who rents a property from a landlord and has a lease agreement that outlines the terms of their occupancy. A leaseholder does not own the property and has limited control over it, as they are subject to the terms of their lease agreement.