Is a contract of lease transferrable?
A contract of lease is, therefore, generally transmissible to the heirs of the lessor or lessee. It involves a property right and, such, the death of a party does not excuse non performance of the contract. the rights and obligations pass to the heirs of the deceased and the heir of the deceased lessor is bound to respect the period of the lease. The same principle applies to the option to renew lease. However, while the option to renew is an enforceable right, it must necessarily be first exercised to be given effect (Estate of Llenado v. Llenado, G.R. No. 145736, March 4, 2009).
