What is the meaning of lessee and lessor?
In a lease agreement, the lessee is defined as the party that pays for the use of the asset or property. The lessor is the party that receives payments from the lessee in exchange for the usage of its asset or property.Click to see full answer. People also ask, what is the lessor and lessee?A…
In a lease agreement, the lessee is defined as the party that pays for the use of the asset or property. The lessor is the party that receives payments from the lessee in exchange for the usage of its asset or property.Click to see full answer. People also ask, what is the lessor and lessee?A lessor is essentially someone who grants a lease to someone else. As such, a lessor is the owner of an asset that is leased under an agreement to a lessee. The lessee makes a one-time payment or a series of periodic payments to the lessor in return for the use of the asset. what is a lessor of premises? Lessor Definition: The landlord; a person who grants a lease, usually the owner of the thing being leased. When the thing being leased is land or some other real property, such as a flat, an apartment or some other residential premises, the lessor is often referred to as the landlord. Besides, who is a Leasor and leasee? A lessee is a person who rents land or property from a lessor. The lessee is also known as the “tenant” and must uphold specific obligations as defined in the lease agreement and by law. The lease is a legally binding document and if the lessee violates its terms he or she could be evicted.Is a landlord a lessor?A landlord is the owner of a house, apartment, condominium, land, or real estate which is rented or leased to an individual or business, who is called a tenant (also a lessee or renter). When a juristic person is in this position, the term landlord is used. Other terms include lessor and owner.
