Definition of Lessor:
A person who leases or lets a property to another; a landlord.
Owner or the title holder of the leased asset or property. The lessor is also the lender and secured party in case of capital leases and operating leases. In case of leveraged leases, however, a third party (the lender) and not the lessor holds the title.
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.
A lessor can be either an individual or a legal entity. The lease agreement that he, she or it enters into with another party is binding on both the lessor and the lessee and spells out the rights and obligations of both parties. In addition to the use of the property, the lessor may grant special privileges to the lessee, such as early termination of the lease or renewal on unchanged terms, solely at his or her discretion.
Synonyms of Lessor
Property owner, Proprietor, Lessor, Letter, Householder, Freeholder, Landowner, Landholder, Master
How to use Lessor in a sentence?
- Before we rent the apartment, we must check with the lessor to see the current rent price per month and everything else.
- Lessors and their solicitors discussed tactics for dealing with the lessees.
- Lessors and lessees enter into a binding contract, known as the lease agreement, that spells out the terms of their arrangement.
- The lessor agreed to let the lessee engage in the activity that was requested to occur on the commercial land.
- While any sort of property can be leased, the practice is most commonly associated with residential or commercial real estate—a home or office.
- If you are going to rent out an office space try to find a lessor who you can trust to treat you properly and fairly.
- A lessor is the owner of an asset that is leased, or rented, to another party, known as the lessee.
Meaning of Lessor & Lessor Definition