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What is the lessor of premises?

The lessor is the owner of property who contracts with another, the lessee , to allow them to take temporary possession of their property through a lease . If the property is real estate , the lessor is referred to as a landlord . [Last reviewed in April of 2022 by the Wex Definitions Team ]

Is the lessor the owner of the property?

The lessor is the owner of property who contracts with another, the lessee , to allow them to take temporary possession of their property through a lease . If the property is real estate , the lessor is referred to as a landlord .

Who is the lessor of the property?

A lessor may be called a landlord. A lessor is a person or legal entity that owns a property and rents it out to a lessee, who in turn pays the lessor to use the asset (such as live in their property).

What is a lessor property?

Landlords Premises means the Land, the Building, the Parking Areas and all appurtenances, improvements, equipment and fixtures thereon and therein owned by Landlord.

Who is a lessor of premises?

The Lessor is usually the owner of the property and the Lessee is the tenant who occupies the property and pays rental payments. The contract that sets forth the terms of their respective duties and responsibilities is the lease agreement.

Who is considered the lessor?

The lessor is either the owner of the asset or has the legal right to lease the asset to someone else. For example, if a car is the asset in question, the lessor would be the property owner or auto dealer leasing out the car. The lessee is the one paying to use the asset for a period of time.

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