An interest in real property may also be transferred in the form of a lease. A lease conveys the right to use and benefit from the property for a period of time as if the lessee were the owner, subject to the limitations contained in the lease agreement and for the term of the lease. However at the expiration of the term of the agreement, possession returns to the lessor and lessee loses all rights to the property. The law limits the term of lease agreements to a maximum 15 years.
