Final answer:
The 'Habendum clause' is the term in property law that defines the extent of a transfer of real property, detailing the estate granted to the new owner or lessee.
Step-by-step explanation:
The clause that means "to have and to hold" or "subject to" and defines the extent of a transfer of real property is the Habendum clause. This clause is found in deeds and lease agreements and specifies the estate or interest that the grantee is entitled to have in the property. The Habendum clause is important in property law as it outlines the rights of the new owner or lessee in clear terms, aligning with principles such as the Principle of Justice in transfer, which ensures that a person who acquires a holding from someone else entitled to it, is thereafter entitled to the holding.
A Habendum clause is a legal provision often found in contracts, particularly in oil and gas leases. It defines the duration and conditions under which rights or interests are granted. In a lease agreement, the Habendum clause typically outlines the period during which the lessee has the right to explore, extract, or use the specified resources. It details any limitations, obligations, or conditions affecting the duration of the lease. Essentially, the Habendum clause clarifies the terms under which the agreement remains in effect, ensuring clarity and legal certainty for both parties involved in the contractual arrangement.