16641 Lecture 1: 16641-Leases A
Document Summary
[11. 1] a lease describes a lessee"s right to occupy and enjoy the use of land for a period of time. The main right conferred by a lease is the right of the lessee to enjoy exclusive possession of the leased property, including the right to exclude the lessor from possession of the leased property. This is what differentiates a lease from a licence. Both parties have access to a series of remedies that are available only to persons who hold a leasehold interest in land. The interest arises from the contractual agreement between the landlord and tenant. [11. 4] a leasehold interest" is the estate taking effect in possession that a lessor grants to a lessee. In possession" means the right of possession has been granted to the lessee taking effect immediately, [11. 5] the agreement under which the grant of a leasehold interest is made. [11. 6] these are found in the lease agreement in contractual clauses.
