A lease of immovable property is a transfer of rights to enjoy such property, made for certain term, express or implied, or in perpetuity in consideration of price paid or promised of money to be rendered periodically or on specified occasions to the owner by the transferee who accept the transfer for such terms .
The owner of the property is called lessor, the transferee is called lessee. The price is called a premium and the money to be so rendered periodically is called rent.
The written contract between the lessee and the lessor specifying on the terms and conditions governing the lease.
Types of Lease
Two categories of lease are in existence in Cantonment :-
- One is relates to transfer of land only.
- Other relates to transfer of buildings.