A lease of immovable 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
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.
leases how made
- A lease of immovable property from year to year, or for any term exceeding one-year or reserving a yearly rent, can be made only by a registered instrument.
- All other leases of immovable property may be made either by a registered instrument or by oral agreement accompanied by delivery of possession.
- Where a lease of immovable property is made by a registered instrument, such instrument binds both lessor and the lessee.