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:LEASE - one of the parties deliver possession of property to another who is obliged to pay rent for use of such property
REGISTRATION OF LEASE
1. File with ROD the instrument creating lease together with Owner’s Duplicate of certificate of title
2. ROD to register by way of memorandum upon certificate of title
3. No new certificate shall be issued
WHEN THERE IS PROHIBITION IN MORTGAGED PROPERTY AS REGARDS SUBSEQUENT CONVEYANCES, ETC.: Leasehold cannot be registered in the title thereof
EFFECT OF REGISTRATION:
1. Creates a real right but without prejudice to rights of 3rd persons
2. If not registered – valid as between parties but not to 3rd persons without notice
REGISTRATION – lessor not required to initiate; lessee shall initiate
ALIENS:
1. May be granted temporary rights for residential purposes
2. Limit: 25 years, renewable for another 25 years
WHO ELSE MAY REGISTER: Builder in Good Faith
REGISTRATION OF LEASE
1. File with ROD the instrument creating lease together with Owner’s Duplicate of certificate of title
2. ROD to register by way of memorandum upon certificate of title
3. No new certificate shall be issued
WHEN THERE IS PROHIBITION IN MORTGAGED PROPERTY AS REGARDS SUBSEQUENT CONVEYANCES, ETC.: Leasehold cannot be registered in the title thereof
EFFECT OF REGISTRATION:
1. Creates a real right but without prejudice to rights of 3rd persons
2. If not registered – valid as between parties but not to 3rd persons without notice
REGISTRATION – lessor not required to initiate; lessee shall initiate
ALIENS:
1. May be granted temporary rights for residential purposes
2. Limit: 25 years, renewable for another 25 years
WHO ELSE MAY REGISTER: Builder in Good Faith
