Lessor Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Lessor, written in plain English, along with examples of how it is used.
What is Lessor?
(n) Lessor is the person who lease out his property to any other person for a specific period as per the terms and conditions contained in the lease agreement, for a consideration or rental pre-fixed.
History and Meaning of Lessor
A lessor is an individual or entity that owns a property and leases it to someone else for a specified period of time. The terms and conditions of the lease agreement are contained in a legal contract that is signed by both the lessor and the lessee. In exchange for the use of the property, the lessee pays a pre-determined rental or consideration to the lessor.
The concept of leasing goes back to ancient times, where landowners would lease their land to farmers or other tenants for cultivation or usage. In modern times, leasing has become a common practice for a wide range of properties, from residential units to commercial spaces, and even vehicles and equipment.
Examples of Lessor
- Mr. Smith owns a commercial building and leases space to various businesses. He is the lessor in each of the lease agreements.
- ABC Finance Company owns several vehicles and leases them to individuals for a fixed term. They are the lessor in each of the vehicle lease agreements.
- XYZ Realty owns an apartment building and leases individual units to tenants. They are the lessor in the lease agreements for each unit.
Legal Terms Similar to Lessor
- Lessee: The person or entity that leases property from a lessor.
- Rental Agreement: A legal contract outlining the terms and conditions of a lease between a lessor and a lessee.
- Landlord: A lessor who owns a residential property that is leased to a tenant.
- Lienholder: An individual or entity that has a legal claim or lien on a property until a debt is repaid.