Lease is defined as the transfer of the right to claim property, land, or estate for a specific amount of time or permanently in Section 105 of the Transfer of Property Act. Owning a lease requires respect for a sum that has been paid or agreed upon, a portion of goods (or other supplies), a service, and any valuable repayment. According to the lease, the leaseholder must periodically redeem this portion and give it to the lessor. One must first get familiar with the following concepts in order to comprehend the term “lease”:

The property will be fully in the control of the lessor, the lease provider (property owner), before being transferred to the lessee.

The person who holds a lease and is designated as the lessee is given rights by the lessor to use and possess the property.

Duration also refers to the time frame during which the lessee is in possession of the property rights.

The sum or share necessary to grant permission for the rights to use and benefit from the estate, whether paid on a regular basis or all at once (as per the agreement). Rent is the name given to an amount or sort that is also paid periodically.