Lease is not a transfer of ownership in property; it is an interest in an immovable property. The interest is the right to use or enjoy the immovable property. Since ‘interest’ in an immovable property is considered as property, lease is a transfer of property. However, lease is a transfer of only a partial interest.

Although there are some significant differences, a lease, title or transfer are all essentially documents in similar formats that set out the benefits of and obligations associated with a property.

A lease agreement grants the lessee the right to use and occupy the property for a specified period, but the ownership remains with the lessor. The lessee does not have full ownership rights