Question
As per the Transfer of Property Act what is a lease of
immoveable property, and what are the terms used for the parties involved?Solution
Section 105 Lease defined—A lease of immoveable 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—The transferor is called the lessor, the transferee is called the lessee, the price is called the premium, and the money, share, service or other thing to be so rendered is called the rent.
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