Lease, Lessor, and Lessee are defined under Sec.105 of the Transfer of Property Act, 1882.
The transfer of the right to enjoy immovable property in exchange for payment for a specific time period for which the transferee has agreed to the conditions of the agreement is known as a lease.
The transferor is known as the Lessor, while the transferee is known as the Lessee.
- General Rights of Lessor and Lessee
Sec.108 of the Transfer of property act, 1882 addresses the rights of lessor and lessee.
- Rights of Lessor:
- Right to take rent on time.
- Right to reclaim the property at the end of the time period agreed-upon in the lease agreement.
- In the event of property damage, the right to claim damages exists.
- Right to reclaim the property if any of the terms of the agreement are broken.
- Rights of Lessee:
- If there is any modification to the property during the lease time, the modification will be covered by the lease.
- If any part of the property is partially or completely ruined, or declared considerably and indefinitely incapable for the motive of which it was leased, caused by flooding, flame, storm, army/mob aggression, or other irresistible force, thus a lease agreement shall be considered null and void, at the lessee’s choice.
- If the lessor was required to perform maintenance and fails to do so within a reasonable period of time after notification, and the lessee fixes and covers some of the expense, the lessee is eligible to reclaim the expenditure from the lessor or decrease the amount from the rent due.
- The lessee has the right to disconnect anything that has been affixed to the premise. He or she shall, nevertheless, leave the item in the same condition as when it was first handled.
- When the lease is for an indefinite period of time, the lessee or his or her legal agent is authorized to get benefit from the property
The lessee has the option to sublease or mortgage the property