LEASES Definition of terms 1. Lease and Tenancy: lease and tenancy are synonymous; although in practice, tenancy is used for short term such as monthly, quarterly, six-monthly, or yearly tenancy, while lease is used for a term certain such as 10 years, 20 years, 50 years or 99 years. 2. Landlord and lessor: landlord and lessor are synonymous. A landlord is not necessarily a house owner, rather he is one who has an interest in land and transfers an interest less than what he has to a tenancy and is entitled to the immediate reversion. In other words, for a person to be called a landlord properly so called within the legal meaning, such person must have a tenant. 3. Tenant or lessee: tenant and lessee are synonymous. A tenant is a person granted exclusive possession of premises for a definite term. 4. Lease in Possession: a lease in possession arises where a landlord lets property to a tenant and put him in possession immediately. 5. Reversion: when a landlord grants a lease, even for 99 years, the law recognizes that he has a functional interest called the reversion. The reversion enables him to check any abuse by the tenant, and also to terminate relationship where necessary. The reversion is an interest in land and so can be transferred even while the initial tenancy is extant. 6. Lease in reversion: a lease in reversion is one granted at present but to take effect at a future time. This usually arises where a building is still under construction and the tenant pays with a promise to take possession as soon as the construction is completed. By implication, the lease only takes effect from the date the lessee takes possession and not the date he makes payment. In Adeponle v. Saidi (1956) NSCC 71, one Alalade was a periodic tenant of premises in