A lease is a legal document, but can be an oral arrangement, which confers a right on one person (called a tenant or lessee) to possess property belonging to another person (called a landlord or lessor) to the exclusion of the owner landlord. Leasing is a process by which a firm can obtain the use of a certain fixed assets for which it must pay a series of contractual periodic tax deductable payments Lease Renting is an agreement where a payment is made for the temporary Legal instrument is a legal Term of art that is used for any written legal document such as a Certificate, a Deed, a will Speech refers to the processes associated with the production and perception of Sounds used in Spoken language. In law possession is the control a person intentionally exercises toward a thing Ownership is the state or fact of exclusive rights and control over Property, which may be an object, land/real estate, Intellectual property Landlord is the owner of a House, Apartment, Condominium, or Real estate which is rented or Leased to an individual or business The relationship between the tenant and the landlord is called a tenancy, and can be for a fixed or an indefinite period of time (called the term of the lease). The consideration for the lease is called rent or the rental. Consideration is a central concept in the Common law of Contracts and Contract theory: it is value paid for a promise
Under normal circumstances, owners of property are at liberty to do what they want with their property, including dealing with it or handing over possession of the property to a tenant for a limited period of time. However, if an owner has surrendered possession to another (ie the tenant) then any interference with the quiet enjoyment of the property by the tenant in lawful possession is itself unlawful.
Similar principles apply to real property as well as to personal property, though the terminology would be different. In the Common law, real property (or realty) refers to one of the two main classes of Property, the other class being Personal property ( Personal property is a type of Property. In the Common law systems personal property may also be called chattels or personalty. Similar principles apply to sub-leasing, that is the leasing by a tenant in possession to a sub-tenant. The right to sub-lease can be expressly prohibited by the main lease.
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Formality of a lease
The formal requirements for a lease are determined by the law and custom of the jurisdiction in which real property is located. In the case of personal property, it is determined by the law and custom of the jurisdiction in which the rental agreement is made.
A tenancy for years greater than 1 year must be in writing in order to satisfy the Statute of Frauds. The statute of frauds refers to the requirement that certain kinds of Contracts be made in writing and signed
Term of a lease
The term of the lease may be fixed, periodic or of indefinite duration.
If it is for a specified period of time, the term ends automatically when the period expires, and no notice needs to be given, in the absence of legal requirements.
The term's duration may be conditional, in which case it last until some specified event occurs, such as the death of a specified individual.
A periodic tenancy is one which is renewed automatically, usually on a monthly or weekly basis.
A tenancy at will last only as long as the parties wish it to, and be terminated without penalty by either party.
It is common for a lease to be extended on a "holding over" basis, which normally converts the tenancy to a periodic tenancy on a month by month basis.
Rent
Rent is a requirement of leases in common law jurisdiction, but not in civil law jurisdiction. There is no requirement for the rent to be a commercial amount. "Pepper corn" rent or rent of some nominal amount is adequate for this requirement.
History
Over the centuries, leases have served many purposes and the nature of legal regulation has varied according to those purposes and the social and economic conditions of the times. Leases, for example, were mainly used for agricultural purposes until the late 18th century and early 19th century when the growth of cities in industrialised countries had made leases an important form of landholding in urban areas. Agriculture refers to the production of goods through the growing of plants and fungi and the raising of domesticated Animals The study of agriculture The 18th century lasted from 1701 to 1800 in the Gregorian calendar, in accordance with the Anno Domini / Common Era numbering system The 19th century of the Common Era began on January 1, 1801 and ended on December 31, 1900, according to the Gregorian calendar
The modern law of landlord and tenant in common law jurisdictions retains the influence of the common law and, particularly, the laissez-faire philosophy that dominated the law of contract and property law in the 19th century. Landlord is the owner of a House, Apartment, Condominium, or Real estate which is rented or Leased to an individual or business Laissez-faire ( pronunciation: French,; English,) is a French phrase literally meaning Let do (“allow to do” A contract is an exchange of promises between two or more parties to do or refrain from doing an act which is enforceable in a court of law Property law is the area of Law that governs the various forms of Ownership in Real property (land as distinct from personal or movable possessions With the growth of consumerism, consumer protection legislation recognised that common law principles, which assume equal bargaining power between the contracting parties, create hardships when that assumption is inaccurate. Consumerism is the equation of personal Happiness with the purchase of material possessions and consumption. Consumer protection is a form of Government Regulation which protects the interests of Consumers For example a government may require businesses to disclose detailed Consequently reformers have emphasised the need to assess residential tenancy laws in terms of protection they provide to tenants. Legislation to protect tenants is now common.
References
Dictionary
lease
-verb
- (transitive) To operate or live in some property or land through purchasing a long-term contract (or leasehold) from the owner (or freeholder).
- (transitive, obsolete) To gather what harvesters have left behind; to glean.
-noun
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