What right does a landlord retain when leasing a property?

A landlord retains the reversionary right of possession when leasing a property. This means that after the lease term ends, the property automatically reverts back to the landlord, allowing them to regain full ownership and control of the property.

This right is foundational in property law and underscores the landlord's ongoing interest in their property, even while it is leased to a tenant. The landlord does not give up ownership rights entirely; rather, they provide the tenant with the right to occupy and use the space for the duration of the lease. Upon termination of the lease, the landlord has the right to reclaim the property.

The other options, while they relate to tenant rights or future considerations in a leasing agreement, do not reflect the ongoing ownership interest that a landlord maintains. The right of renewal pertains to extending the lease but doesn't signify ownership; the option to purchase grants the tenant a chance to buy the property but does not relate to the landlord's direct rights during the lease; and the right of first refusal offers tenants the opportunity to buy the property before it is sold to someone else, again, not affecting the landlord's foundational ownership.