Manthan Legal Consulting Service

Introduction The lease of immovable property stands as one of the most important and commonly utilized methods of transferring rights over property under the Transfer of Property Act, of 1882 (hereinafter referred to as the "Act"). Leases, which form a fundamental aspect of property law, allow the transfer of certain rights in immovable property from one party (the lessor) to another (the lessee) for a specified period in exchange for rent or other consideration. This article delves into the key provisions surrounding leases as set out in the Act, examining their legal framework, along with the practical applications of leases in contemporary legal and business contexts. We will explore the legal requirements, rights, and responsibilities of both lessors and lessees, while also discussing the challenges and opportunities that arise in lease agreements within the modern-day legal and business environments. Definition of Lease Section 105 of the Transfer of Property Act , 1882 ...

Introduction The Transfer of Property Act, of 1882 , is a cornerstone of Indian property law, providing a detailed framework for transferring immovable and certain categories of movable properties. It ensures clarity, fairness, and uniformity in property transactions. Among the various modes of transfer described under this Act, "exchange" holds a unique position and is elaborated under Sections 118 to 121. This transfer mode allows for the mutual exchange of ownership between two parties, offering flexibility and utility in various situations. This article provides an in-depth discussion of these sections and explores other relevant provisions that intersect with the concept of exchange. Section 118: Definition of Exchange Section 118 defines exchange as a transaction in which two persons mutually transfer the ownership of one thing for the ownership of another, neither thing nor both things being money. It further states that the rules governing sales apply to exchanges to...