In a leasehold interest, what does the owner of the leasehold not possess?

In a leasehold interest, the key aspect to understand is that the leaseholder has a right to possess and use the property for a specified term, but doesn't own the fee interest in the property itself. The fee interest represents actual ownership of the real property, which includes the rights to dispose of it, use it, and benefit from it in ways beyond merely possessing it.

The owner of a leasehold interest has a contractual right to occupy the property, and this grants them the right of possession during the lease term. While they can use the property, they do not have an ownership stake that includes the full rights associated with fee simple ownership. Similarly, the equitable title is the interest that gives the leaseholder certain rights, and joint ownership pertains to co-ownership scenarios which do not apply here.

Thus, the crucial differentiation between a leasehold interest and fee simple ownership underlines why the leaseholder does not possess the fee interest in the property.