According to Transfer of Property Act, Section 105, Lease is defined as a handover of a right to claim property, land or estate for a particular period of time or in permanence. Owning a lease comes with the respect of an amount paid or agreed upon, a share of commodities (or any other form of supplies), service and any valuable payback. This share is redeemed periodically or during certain occasion from the leaseholder to the lessor as per agreement. In order to understand ‘lease’, one should first come to realize the below terms: Lessor the lease provider (property owner) will have complete authority over the property which is then handed over to the lessee Lessee the lease holder who obtains the entitlements to make use of and possess the property on contract from the Lessor Duration the period of time against which the lessee possesses the property rights is also known as ‘duration’. Premium or Rent is the amount or share required for permitting the rights to use and utilize the estate and paid periodically or at one time (as per the agreement). This amount/kind is also paid in intervals hence called rent.