Section 105 of TPA : Section 105: Lease Defined
TPA
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Explanation using Example
Imagine Sarah owns a house and decides to rent it out to Tom for one year. She and Tom sign a rental agreement, where Tom agrees to pay Sarah a monthly sum of money for the right to live in the house. This agreement is a lease as defined by Section 105 of The Transfer of Property Act, 1882.
In this scenario, Sarah is the lessor (the person transferring the right), Tom is the lessee (the person receiving the right), the initial deposit Tom might pay is the premium, and the monthly payments are the rent.
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