Definition of lease Under Section 105 of Transfer of Property Act :
A lease of immovable property is a transfer of a right to enjoy such property, made for a certain time, express or implied, or in perpetuity, in consideration of 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.
Lessor, lessee, premium and rent defined :
1) Lessor : The transferor is called the lessor,
2) Lessee: The transferee is called the lessee,
3) Premium : the price is called the premium, and;
4) Rent : the money, share, service or other thing to be so rendered is called the rent.
Essentials of the Valid Lease :
1) The Lessor must be a competent
2) The Lessee must be a competent and capable to taking the thing demised.
3) The subject matter of lease must be an immovable property.
4) Immovable property must be transferable Property.
5) There must be Transfer of right to enjoy such property.
6) Lease must be made for a certain time, express or implied or in perpetuity.
7) The Consideration which may be premium a rent or both.
8) The lessee must accept the transfer.
9) In lease there is a separation of ownership and possession
10) The lease must be created as per the provisions prescribed in Section 107 of Transfer of Property.
A lease to a minor is void.
1) Transfer in perpetuity for benefit of public
2) Methods of Transfer of possession
3) Contingent Interest
4) Vested Interest
5) Universal Donee