Freehold Definition: Use of real estate for an indeterminate time. Related Terms: Seisin, Fee Simple, Feudal System A special right granting the full use of real estate for an indeterminate time. It differs from leasehold, which allows possession for a limited time. There are varieties of freehold such as fee simple and fee tail. The owner of the freehold is called a freeholder. Find you are constantly looking up definitions? Try our search provider (works in most modern browsers) If you find an error or omission in Duhaime's Legal Dictionary, or if you have legal term suggestion, we'd love to hear from you!