Lessor
A lessor is the property owner who grants another party (the lessee) the right to use and occupy their real estate in exchange for rent payments under a lease agreement. The lessor retains ownership of the property while temporarily transferring possession rights to the tenant.
Example
“The lessor agreed to repaint the office suite and replace the carpeting before the new tenant's five-year lease term begins.”
Memory Tip
Lessor ends in '-or' like 'landlord' - both own property and rent it out to others.
Why It Matters
As a lessor, understanding your role helps you protect your property investment while maintaining good tenant relationships and ensuring steady rental income. Proper lessor responsibilities include maintaining the property, enforcing lease terms, and complying with landlord-tenant laws.
Common Misconception
Many lessors think they can access their rental property anytime since they own it, but tenant privacy rights typically require advance notice except in emergencies.
In Practice
A property owner acts as lessor when renting their duplex to a family, collecting monthly rent while remaining responsible for major repairs and property taxes. When the lease expires, the lessor can choose to renew with the current tenants or find new lessees.
Etymology
From Old French 'lessor,' meaning 'one who grants a lease,' with the suffix '-or' indicating the performer of an action.
Common Misspellings
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