New 55% Off on All Courses - Enroll Now! Click Here

    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?
    A It is a transfer of ownership, and the parties are called transferor and transferee Correct Answer Incorrect Answer
    B It is a temporary possession agreement, and the parties are called lessor and lessee Correct Answer Incorrect Answer
    C It is a perpetual transfer of property, and the parties are called landlord and tenant Correct Answer Incorrect Answer
    D It is a right to enjoy property for a certain time, and the parties are called lessor and lessee Correct Answer Incorrect Answer
    E It is a sharecropping arrangement, and the parties are called owner and occupant Correct Answer Incorrect Answer

    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.

    Practice Next

    Relevant for Exams: