Contract of Lease

Description

A contract of lease is an agreement to transfer temporary use, enjoyment and possession of a property to another for a limited time, subject to the payment of rent. While title and ownership remains with the owner of the property or lessor, the possessor has the right to enjoy the property without encumbering or selling the same. A foreigner may lease private land but there are certain conditions imposed by R.A. 7642 to be valid. If the private land shall be used in a tourism project, for instance, the law requires a minimum capital investment from the foreigner lessee.

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