Not everyone can buy properties in India due to financial issues. So, the absolute or permanent transfer might not be feasible for you, but you can always lease a property for a specific period of time. Read below to know what is lease under Transfer of Property Act:
Lease in Transfer of Property ActA lease of immovable property is defined as transferring a right to enjoy the property, for a specific time, implied or express, or in perpetuity, in exchange for a promise or price, or of money, service, a share of crops, or anything, of value, to be rendered on particular occasion or periodically to the transferor by the transferee who accepts the transfer on these terms.
Essentials of a Lease- Competent parties:
The parties involved in a lease agreement need to be competent to enter into a contract. Lesser is required to have absolute rights over that property and be entitled to the property.
- Time Period:
The lease takes place for a specific period of time and it should be mentioned in the lease agreement.
- Acceptance:
A property that is granted in a lease needs to be accepted by the lessee on the terms and conditions which are agreed upon between the parties.
- Rent:
Consideration for a lease can be in the form of a premium or rent.
- Right of possession:
Only the property’s possession is transferred but the ownership rights are not transferred in a lease.
This is all about the lease transfer of property act.
Check Out Properties on Lease on NoBroker Here
Read more:
How to lease a commercial space?
I hope I cleared all your doubts regarding what is lease under Transfer of Property Act.
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What is lease under transfer of property act?
Pawan
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2 Year
2022-01-27T13:28:32+00:00 2022-01-31T18:13:33+00:00Comment
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