NOTES ON LEASES OF IMMOVABLE PROPERTY
(S 105-117 OF TRANSFER OF PROPERTY ACT
Definition( S.105)
A lease of immovable property is a transfer of a right to enjoy such property for a certain time,or in perpetuity,in consideration of price paid or promised or money,a share of crop, service or any other thing of value to be rendered periodically or on specified occasions, to the transferor by transferee,who accepts the transfer on such terms.
In the case of a lease, the price is called the premium,and the money,share,service or other thing to be rendered is called the rent;the transferor is called the lessor,and the transferee is called the lessee.
The following are essential elements of a lease:-
1) The lessor-He must be competent to contract and he must have title or authority.
2) The lessee- He also must also be competent to contract at the date of execution of the lease. A sale or a mortgage to a minor is valid. But a lease to a minor is void, as the lease is to be executed both by the lessor and the lessee. (S 107)
