The real-estate term describing ownership of land and buildings for an unlimited period is freehold.
A freehold estate gives the holder ownership for an indeterminate duration. Depending on local law, it may be inherited, sold, transferred, or divided into other interests. The owner generally holds both the land and permanent structures attached to it, subject to taxes, planning rules, covenants, and other legal restrictions.
Freehold is commonly contrasted with leasehold. A leasehold grants possession and use for a specified term under a lease, while the underlying freehold remains with another owner. Lease terms can range from a few years to centuries, especially in apartment and commercial property markets.
The exact rights attached to freehold ownership vary by jurisdiction. In some countries, the term is used broadly for outright land ownership; in others, it includes several forms of inheritable estate. It does not mean that the property is free from every obligation or restriction.