Lease is a contract through which one party (the lessor) binds himself to give the other party (the lessee) a thing, for temporary enjoyment towards compensation.
Title: The lessor remains the owner of the item specified in the contract, while the lessee uses such item according to its specified natural destination and returns it to the lessor before the expiration of the contractual terms.
Term: Lease contract cannot be stipulated for a period exceeding 30 years, unless the law provides otherwise. For instance, land leasing has a maximum term of 99 years, buildings intended for housing leasing is 5 years.
Object: Only items can exist as an object of the lease contract. The items must be simultaneously non-consumable and individually determined.
Renewal: A lease contract shall be deemed to be renewed when, although the term has expired, the lessee continues to use the item and the lessor does not object to this.
Consideration: The consideration for lease can be monetary or in kind.
The sublease contract is based on the lease contract, in which the lessee can enter into a sublease agreement with a third party, but always when the parties have not provided otherwise, as well as if the consent of the lessor has been given. When a lease item is alienated, sold or donated, the lease contract is also binding on the new owner, provided that the lease contract has an exact date to result in advance in time compared to the date of the alienation contract of the item.
Termination: The lease ends with the expiration of the term without the need to announce such termination in any definite form. When the contract is concluded with an indefinite period, it shall be deemed to terminate as soon as one party notifies the other party, when they have provided for such a thing in the contract.
Legal Basis: The Albanian Civil Code