subject: Types Of Property Ownership [print this page] There can be various modes of owning propertyThere can be various modes of owning property. Each type of ownership has different legal rights and obligations. First and foremost, there is a simple, direct ownership of property, where the purchaser ownes and uses the property. He is the absolute owner of the property. He is the absolute owner of the property.
Lease hold ownership: As per the Transfer of Property Act, a lease of immovable property is a transfer of rights to use it, made for a certain time, express or implied, or in perpetuity, in consideration of a price paid. The property is given on lease for a certain period of time, at a specified lease rent.
Statutory tenancy: Then there can be a statutory tenancy. In this case, even after the period of lease is over, the tenant is allowed to continue to use and occupy the rented premises. The only remedy open to the lessor is to get such a tenant vacated through a court having jurisdiction relating to rent control matters.
Courtesy Times Property dtd May 29, 2010
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