Global Definitions Database

The value of a tenant's interest in a property; the term applies to a long-term lease when rent paid under the lease is lower than current market rates; some US states permit the lessee to claim the leasehold interest from the landlord in a condemnation proceeding, unless the lease prohibits such a claim; represented by a price which would be agreed upon by a willing seller and a willing buyer under usual and ordinary circumstances without any compulsion to either buy or sell.