धारा 135

Where a contract is made with a person for the transfer of immovable property to him for a consideration to be paid in whole or in part only subsequently to the execution of the contract, and the party who is to pay the consideration is already in possession of the property, and the contract is expressed to be a lease or sub-lease of such property, such contract operates to create a lease or sub-lease of such property, as the case may be, for a term not exceeding twelve years, unless the time when a part of the consideration is to be paid has been agreed upon, and the party who is to pay that part of the consideration has agreed to sell the property to some other person, and the terms on which such sale is to be made have been agreed upon, and the sale is completed, and the property is transferred to the person to whom it is sold.