A lessor is an individual or entity that owns an asset or property and grants another party the right to use that asset or property through a lease agreement. In the context of real estate, the lessor is the landlord who rents out the property to a tenant. The lessor retains ownership of the property but allows the lessee to occupy and use it in exchange for periodic rental payments. The lease agreement outlines the terms and conditions of the lease, including the duration of the lease, rental payments, responsibilities of the lessor and lessee, and any restrictions or obligations associated with the use of the property.
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This glossary post was last updated: 29th March 2024.
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