The lessee’s right to uninterrupted possession and use of a leased property is the leased property. Here, the title to the property in question remains with the owner of the property, while the right of use and full enjoyment rests with the lessee. The right to use the property is limited to the period of time agreed between the interested parties and is subject to termination or extension as agreed by the parties.

There is no absolute and global ownership in the leased property. After a specified period of time, the property reverts to the grantor. These types of goods can be bought and sold when the need arises. However, ownership of the property cannot be purchased outright. The property is held indefinitely. The owner of the leased property has all the rights and privileges to remain in the property while he pays the agreed rent to the owner. A lease term is typically 999 years, but there are variations in different regions. If the lease is for a shorter period of time, neither party is required to renew the lease, but may do so by mutual agreement.

Leased farms take many forms, the most common being periodic tenancy, which may or may not be renewed once the term has expired. Either the landlord or the tenant may terminate the lease at any time by giving notice to the other party within an acceptable period of time. The lessor can terminate the lease by giving the lessee six months’ notice, while the lessee must give the lessor a period of notice equal to one lease period. The lease at will may be terminated at the wish of either party. The fixed-term lease has some restrictions associated with it, since both the lessee and the landlord cannot cancel it without paying a penalty. When other conditions are attached to the agreement, such as the cancellation of the lease when a certain event occurs and upon the occurrence of the mentioned event, the lease will be terminated.

The leasehold on real estate expires. When a lessee is legally in possession of the asset during expiration, a number of circumstances can arise. This mainly depends on the laws applicable in the country where the lease is located.

Both the lessor and the lessee have duties and obligations. The landlord must put the leased property in habitable conditions. Likewise, it is the landlord’s duty to place the property in the tenant’s possession and to ensure its complete possession. He must not under any circumstances evict the tenant, either partially or totally. The tenant must pay the landlord the applicable rent and protect the property from deterioration.

In general, rental property gives the tenant the absolute right to use the property. Nevertheless; he must pay rent for using it. The landlord must ensure that he fulfills his duties and responsibilities under the lease.