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 .
Every lease has a specific term which is mentioned in the lease deed and holding over the property by the lessee beyond the specific term requires prior permission of the lessor without which the property can be resumed by the lessor. Some lease has indefinite term called perpetuity.
The written contract between the lessee and the lessor specifying on the terms and conditions governing the lease is called a lease deed.
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.
Two categories of lease are in existence in Cantonment ::
- Transfer of land
- Transfer of buildings