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vustudents
08-30-2012, 04:21 AM
Q. Define lease? what are essentials of lease agreement. how does the lease of immoveable property come to end. (2003)
1. Introduction:
A lease is a transfer of a right to enjoy the property of lessor is put in possession of the property. the rights of ownership are not passed on the transferee. there is only transfer of right of enjoyment in lease.
2. Relevant provisions:
Sec, 105, 108.
3. Definition of lease:
A lease of immovable property of right to enjoy such property, made for a certain time express or implied, or in perpetuity, in consideration for a price paid or promised or of money a share of crops, service or any other thing of value, to be rendered periodically or on specified occasions to the transferor by the transferee, who accepts the transfer on such terms".
Transferor:
The transferor is the lessor.
Transferee:
The transferee is called lessee.
Price:
The price is called premium.
Rent:
The money, share or other thing to be so rendered is called the rent.
4. Essentials element of lease:
Following are essentials elements of lease.
(i) Immoveable property:
Lease must relate to immoveable property.
(ii) Fixed duration of enjoyment:
Such enjoyment of right of property must be for fixed duration.
(iii) Transfer of right:
There must be transfer of such right of enjoyment.
(iv) Consideration:
It must be for consideration.
(v) Acceptance:
The transfer must be accepted by the transferee.
5. Kinds of lease:
Following are kinds of lease.
(i) Lease for certain time.
(ii) A periodic lease.
(iii) Lease in perpetuity.
6. How the lease come to end:
Lease of immoveable property come to end in the following ways.
(i) Laps of time:
By efflux of the time limited thereby.
(ii) Happening of a specified event:
Where such time is limited conditionally on happening of some event lease of immoveable property come to end.
(iii) Termination of the interest of lessor:
Where the interest of the lessor in property terminates on, or his power to dispose of the same extends only to, on the happening of such event.
(iv) Merger:
In case of the interest of the lessore and lessor in the whole of the property become vested at the same time in one person in the same right.
(v) Express surrender:
That is to say, in case the lessee yields up his interest under the lease to the lessor, by mutual agreement, between them.
(vi) Implied surrender:
Lease of immoveable property may come the end by implied surrender.
(vii) Forfeiture:
That is to say in the case the lessee breaks and express condition which provides that on breach thereof the lessor may re-enter or in the case the lessee renounces his character as such by setting up a title in a third person or by claiming title in himself or the lessee is adjudicated an insolvent and lease provides that lessor may re-enter on the happening of transferee gives notice in writing to the lessee of his intention to determine the lease.
(viii) Expiration of time given in notice of quit:
On the expiration of a notice to determine the lease, or quit or of intention to quit, the property leased, duly given by one party to other.
7. Conclusion:
To conclude I can say that a lease is transfer of an interest of immoveable property. under transfer of property act there are different modes which a lease in respect of immoveable property may be determined.