What is a lease?
A lease is defined in s3 of the Duties Act 2000 to mean "a lease of land in Victoria or an agreement for a lease of land in Victoria".
The concept of a lease includes a sub-lease which is effectively a lease of a leasehold interest. The concept of a lease also includes a concurrent lease (reversionary lease) which is a lease of the lessor’s reversionary interest in the land.
A concurrent lease occurs where the lessor of an existing lease grants a second lease over the same property which is concurrent with the term of the existing lease.
The result is that the lessee of the concurrent lease effectively becomes the lessor of the original lease.
The term 'land' is defined in s38 of the Interpretation of Legislation Act 1984 to include "buildings and other structures permanently affixed to land, land covered with water, and any estate, interest, easement, servitude, privilege or right in or over land."
For the purposes of the above definitions, a lease does not include a licence or right to occupy land which does not contain a grant of the right to exclusive possession.