LEASE

LEASE

According to section 105 of the transfer of property act 1882,a lease of immovable property is a transfer of a right to enjoy property.it is the method of acquiring the right to use equipment or real property for consideration.

Lease is a contract between lessor and lessee for the fixed term for the use on hire of a specific asset selected by lessee.Lessor retains ownership of the assets and lessee has possession and use of the asset on payment of specified rental over a period.

It is a sort of contractual arrangements between the two parties whereby

One accquires the right to use the property called "LESSEE" and the other who allows the former the right to use his owned property called the "LESSOR".

ESSENTIAL ELEMENTS:

The essential legal elements of lease are

1). The parties (lessor or lessee)

2). The subject matter of lease

3). Demise or partial transfer of such property

4). The term and period of lease 

5). The consideration or rent