Land Law: Lease vs License

Land Law

Table of Contents
INTRODUCTION.................................................................................................................................3
Definition of lease.............................................................................................................................3
Key distinction between license and lease.........................................................................................4
Types of lease....................................................................................................................................4
Difference between legal and equitable lease....................................................................................5
Application to law.............................................................................................................................7
Options available for Mr. Kim...........................................................................................................7
CONCLUSION.....................................................................................................................................8
REFERENCES......................................................................................................................................9

INTRODUCTION
Land law state about right of individual to use particular land and property for personal
use so that other people those not have right to use property of individual. Legal document
are prepared that state which individual have legal right to use particular land for various
purpose such as it can lease or give license to other people to use. This report is about an case
study of land law which state an argument between Mr Kim and Shiraz’s related to particular
land. Therefore it explains lease, various criteria that need to be followed for leasing house
and the way it can be created. It also differentiates between lease and license so that correct
judgement can be taken regarding right to property.
Definition of lease
Lease is an official agreement between user of land and owner of land that it will pay an
specific amount of money in exchange for using particular asset for period of time. Lease
agreement provides detail information about various terms and condition that need to be
followed by both user and owner of land (Brown and Sinclair, 2019).
Criteria required for lease to exist
Various criteria that are required to exist for valid legal lease between two parties are
as follows:
Form of lease: Both parties should have made legal written document about lease of property
so that it can act as proof in case of dispute in future period.
Exclusive possession: Lease state that other individual does have right to exclusive own
property rather it can use asset for specific period of time thus right of land belong to person
who actual owned the property. Ownership of land is not transferred in lease but tenant can
exclusive use asset for specific period without interference of owner of land.
Fixed term: Lease agreements are made for specific or certain period between two
individual such as one week, month or year. It should also have commencement date
otherwise the document will not be declared valid.
Specific Asset should be lease: it is another criteria for valid lease that property that had
been leased must be briefly described in term of location, infrastructure etc (Black, 2019).
Description of Parties involved: Both parties need to have capacity to enter into lease
contract such as the person giving right to use property must be actual owner or landlord of
property.