NosyBeagle
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Simple English definitions for legal terms
lessor
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A quick definition of lessor:
Term: lessor
Definition: A lessor is someone who owns property and allows someone else, called a lessee, to use it for a period of time through a lease. If the property is a house or apartment, the lessor is called a landlord.
A more thorough explanation:
The lessor is the owner of a property who allows another person, called the lessee, to use the property for a certain period of time through a lease agreement. If the property is a building or land, the lessor is also known as a landlord.
- John owns an apartment building and leases one of the units to Sarah. John is the lessor and Sarah is the lessee.
- ABC Company owns a warehouse and leases it to XYZ Corporation for their storage needs. ABC Company is the lessor and XYZ Corporation is the lessee.
These examples illustrate the concept of a lessor and lessee relationship. In both cases, the owner of the property (John and ABC Company) allows another party (Sarah and XYZ Corporation) to use the property for a certain period of time in exchange for payment (rent). The lessor retains ownership of the property but gives the lessee the right to use it for a specific purpose and time period.