When you are looking for an ideal home to live and you go to a real estate agent or a broker or even a builder, they might use jargons which you might not know.
But we give you a solution!!
Read this space every Tuesday & Wednesday for Real Estate Jargons.
The owner of an interest in land who, in consideration of a rent or other payment (e.g. a premium), grants the right to exclusive possession of the whole or part of their land to another person for a specific or determinable period by way of a lease or tenancy.
- Lease agreement is a document between the lessor and the lessee.
- This agreement allows for the conveyance of property to the tenant under a contract, and confers usage and control rights to the tenant for the duration of lease.
- Apart from financial terms and conditions, several clauses describing the other binding terms and conditions of the agreement are also documented.
- The lawful grant of a right to do something, which would otherwise be illegal or wrongful.
- It may be gratuitous, contractual or coupled with an interest in land. The grantor of license is the licensor and the grantee is the licensee.
A gratuitous (“mere” or “bare”) license can always be revoked (i.e.. cancelled), but revocability of a contractual license depends on the terms of the contract.
- A license coupled with an interest in land may be irrevocable and unlike the other two categories, may be binding on successors in title of the licensor.
- One example of license is permission, usually required in writing, given specifically by an owner to a tenant, enabling something to be done which otherwise would be in breach of a term of the lease.
- A license does not itself transfer any interest in the land but may authorise the licensee to enter the licensor’s land for some specific purposes of the license; the licensor may enter the land and use it in any way not inconsistent with the rights of the licensee.
- However, a landlord may authorise by license some act or omission by a tenant, which would otherwise be a breach of the terms of the lease.