A lessor is the owner of an asset that is leased, or rented, to another party, known as the lessee. … While any sort of property can be leased, the practice is most commonly associated with residential or commercial real estate—a home or office.
What is a lessee in real estate?
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 they could be evicted.
Does the lessor own the property?
The lessor is the legal owner of the asset or property, and he gives the lessee the right to use or occupy the asset or property for a specific period.
What does lessor of premises mean?
Lessor’s Premises means all that portion of the Property, which is not leased to LESSEE hereunder, as such portion of the Property exists as of the Effective Date; Save. Copy. Remove Advertising.
What is the difference between lessor and landlord?
As nouns the difference between lessor and landlord
is that lessor is the owner of property that is leased while landlord is a person who owns and rents land such as a house, apartment, or condo.
Can a lessee sell the property?
In a leasehold property, the lessor enjoys absolute ownership of the property, while the lessee has restricted rights. A leasehold property can be sold to any third party only after obtaining a no-objection certificate (NOC) from the authorities concerned.
What are the rights of a lessee?
Lessee is entitled to the use, operation, possession, and control of the leased property during the Lease term, provided Lessee is not in default of any provision of the Lease, and subject to any security interest Lessor may have given or may give to any third party during the Lease term.
What is RTO in real estate?
The rent-to-own (“RTO”) contract between the lessor and the renter allows the renter to use the personal property. In return for use of the property, the renter must pay a periodic (weekly or monthly) payment to the lessor.
Is lessee the owner?
As nouns the difference between owner and lessee
is that owner is one who owns (something) while lessee is an individual or a corporation who has the right of use of something of value, gained through a lease agreement with the real owner of the property.
What is net in real estate?
A net lease is a type of lease where the tenant pays a portion or all of the taxes, insurance fees, and maintenance costs for a property, in addition to base rent. Net leases are commonly used in commercial real estate.