Writing requirement in a lease over 5 years
Section 3 of the Real Estate Law defines what a lease is.
Section 6 of the Real Estate Law stipulates that a lease transaction will also be considered a real estate transaction.
Section 8 of the Real Estate Act provides that a real estate transaction requires a written document.
Section 79 of the Real Estate Act exempts the ‘written’ requirement for rent which does not exceed a period of five years.
But we do not exclude a lease with options that in total join for a period of over five years.
That is, although an oral lease is valid, there is an exception to it.
The Real Estate Law stipulates that a lease for a period of more than five years must be made in writing.
And it has already been determined that this is an essential requirement, and a transaction that is not in writing is not valid.
And in this matter also a lease with options which in total are for a period of over five years must be made in writing.