What is the definition of tenancy in real property?

Tenancy in real property refers specifically to the concept of possession or occupancy of real estate without necessarily holding ownership. This means that an individual or group can inhabit or utilize a property but may not have legal title to it; instead, their rights are typically defined by a lease or rental agreement. Unlike ownership, where one has control over the property and a claim to its value, tenancy emphasizes the possessory interest and the arrangement by which the tenant occupies the space.

This distinction illustrates the nature of the relationship between the tenant and the property owner, where the tenant enjoys certain rights and uses the property as per the terms agreed upon, yet does not hold the title or ownership of the property itself. Understanding this distinction is crucial for navigating real estate transactions and property management effectively.