This preview shows page 1. Sign up to view the full content.
Unformatted text preview: icence, not under a lease. Lease
Acquiring possession of property, as distinct from ownership, through leasing is common for both business and residential purposes. It makes sense then to have an understanding of the basic principles that
are involved with leasing, because most people at some time in their lives are going to be involved in
leasing a property, either to live in or to work from.
At common law, a lease was a contract by which one party granted to another exclusive possession
of property for a limited time. The grantor usually received consideration in the form of rent or some
other type of income, though the receipt of rent wasn’t essential. Under common law, the lessee (tenant) had no estate in the land, but only a right of entry. The landlord and tenant relationship wasn’t fully
established until the lessee actually entered the premises. However, this doctrine no longer prevails, and
a lease may take effect without the need for actual entry by the lessee.
A lease is defined as a conveyance or grant of...
View Full Document
This document was uploaded on 04/23/2012.
- Three '12