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Who is considered the lessor?

A lessor is the owner of an asset that is leased, or rented, to another party, known as the lessee. Lessors and lessees enter into a binding contract, known as a lease agreement, that spells out the terms of their arrangement.

What is the difference between lessor and landlord?

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 .

What is the meaning of the name lessor?

the owner of land or housing that is rented to another lessors are free to charge as much as they want for a house. landlord. proprietor. letter. renter.

What does the term lessor refer to?

The terms lessor and lessee refer to the parties involved in a lease agreement. The lessor is typically the owner of the property, while the lessee is the tenant who occupies the property and pays rent.

What is the definition of a lessor?

lessor. noun. lessor ˈle-ˌsȯr, le-ˈsȯr. : a person who conveys the possession of real or personal property under a lease.

What is another meaning for lessor?

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 ]

Who is the lessor in a lease agreement?

Definition: A lessor is the owner of an asset or property, who gives permission via a lease for the lessee to temporarily use their asset. A lessee is the party who borrows or takes temporary possession of an asset from the lessor.

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