Explain what do you mean by Leases

Question

Explain what do you mean by Leases?

Answer 1

A lease, or tenancy, is a contract for the transfer of use and possession of land from the landlord to the tenant. The two key characteristics of a lease are that the interest in land is for a definite period of time and the tenant is entitled to exclusive possession. In other words, the tenant controls the land and has the right to exclude all others, including the owner (subject to the right to inspect with notice as set out in legislation and/or the contract), for a fixed period.  There are four types of tenancies. It is sometimes said that the third and fourth types are not really leases because there is no set term (in the first case) or there is no longer any lease at all (in the second case).