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Letting And Leasing Of Property: Are They The Same?

By

Ayobayo Babade Esq.

A Tenancy between a Property Owner (the landlord) and the person  requesting to make use of the property for a period of time in consideration for the payment of rent (the tenant) can either be a LETting or a LEASE.

The difference between both is the duration of the tenancy. If it is a period of time of three years and above, it is a lease and it is required by law to be by a DEED. If it is below three years, it is a letting and is usually contracted by a Tenancy Agreement.

A Legal Practitioner called to the Nigerian Bar is the one legally authorised to draft a Tenancy Agreement or Deed of Lease. It is illegal for non-lawyers to draft such documents.

Ayobayo Babade is a Lagos based Barrister and Property Consultant with Tope Babade & Co (Real Estate Consultants). He can be reached can be reached through: Call/SMS/Whatsapp:   +234 813 834 4488.