Credit gives the word to pay either by repaying it or returning those resources later. In other words, this credit is the method of making the reciprocity formal, legally enforceable, and of course, extensible to a vast group of people who are not related.
However, the resources provided may be financial or have goods or services, like consumer credit. The credit covers any form of deferred payment. Credit generally gets extended by the creditor, the debtor or lender, and sometimes the borrower.
Freehold means absolute and permanent ownership of the property/land owner without having to take permission or lease the same from the Government or any other authority. They can sell the property at will without taking any permission from anyone, or enjoy/use it in the manner they feel fit, as per the legal guidelines of course. Freehold properties are free from any hold of any organization or entity. These are inheritable and readily transferable and are naturally more coveted options in the real estate market. They are also costlier as compared to leasehold properties. Freehold properties do not have any encumbrances and new owners get the absolute property title.
As can be seen, most people prefer freehold properties for purchase and sale transactions. There are many reasons behind this aspect. This is because people want to transfer their properties to their legal heirs easily or sell the property easily in the future with a marketable and absolute title, minus any encumbrances or permission-related hassles. Hence, they are willing to pay more for freehold properties at the outset.
