Business, Legal & Accounting Glossary
An equitable lease is created when one person contracts with another to assign or create a lease, in circumstances where the lease should be created by deed or registered. For most purposes, the lessee will be treated in litigation as if the formalities had been observed, under the equitable doctrine of ‘equity sees as done that which ought to be done’. However, if the lessee wished to assign the lease to another (see: Assignment land and property), the presence of covenants (see: Covenant) does not bind the assignee in the same way as for a legal lease.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
Definitions for Equitable Lease are sourced/syndicated and enhanced from:
This glossary post was last updated: 6th April, 2020 | 28 Views.