If a person has the freehold to land, he has the best possible title, being its absolute owner. There may, however, be encumbrances such as easements, etc. The term ‘freehold land and buildings’ is frequently used in accounts, and indicates freehold land owned by the business, and buildings on it. The freehold land is sometimes bracketed in company accounts with leasehold land.
Reference: The Penguin Business Dictionary, 3rd edt.