You need to know – What is a lease?

YouNeedToKnowWeb500A lease is a legal interest in a property

The person who owns the property (the lessor) grants the person who takes the lease (the lessee) the right to occupy and use the property

A lease does not give ownership to the property

Leases can be oral or written

For a lease to be valid it must:

  • contain the names and signatures of the lessee and the lessor
  • have legally competent parties
  • have some consideration for the grant of the lease
  • include the legal description of the property
  • contain the term of the lease

The Statute of Frauds stipulates that leases of more than 1 year must be in writing and signed and witnessed by 2 people to be enforceable in court