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Simple English definitions for legal terms
lease and release
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A quick definition of lease and release:
Lease and release is a way of transferring ownership of a property without physically giving it to someone. The owner and the new owner agree to a lease for a certain amount of time, and when the new owner moves in, the old owner releases all rights to the property. This makes the new owner the full owner of the property. This method was accepted by the courts because it was seen as unnecessary to physically give the property to someone who was already living there.
A more thorough explanation:
Definition: Lease and release is a historical method of transferring ownership of a property without physically handing over the property. It involves the owner and the buyer entering into a lease agreement for a certain period of time. Once the buyer takes possession of the property, the owner releases all interest in the property to the buyer through a written document. This process was considered valid by the courts because the buyer was already occupying the property.
Example: John wants to sell his house to Jane. They enter into a lease agreement for a year, and once the year is up, John releases all interest in the property to Jane. This means that Jane now owns the property outright.
Explanation: In this example, John and Jane use the lease and release method to transfer ownership of the property. They enter into a lease agreement for a year, which means that Jane can occupy the property for that period of time. Once the year is up, John releases all interest in the property to Jane, which means that she now owns the property outright. This method was considered valid by the courts because Jane was already occupying the property.