Who Is the Lessee & Who Is the Lessor in a Contract?
When you enter a lease, you usually have to sign a contract that details the terms of the agreement. A lease usually involves two parties, whom the contract refers to as a lessee and a lessor. The lessor is the party providing the property and the lessor is the party who borrows the property.
Lease
A lease refers to an arrangement by which a lessor offers his or her property, whether real or personal, for another party to borrow. The lessee, who borrows the property, has to provide compensation for the lessor. This compensation usually comes in the form of regular monetary payments known as rent. The lessee pays the lessor for the period of time he retains the property and ends the lease when he ceases to use it.
Types of Leases
There are two general types of leases. Operating lease refers to an arrangement by which the lessee pays rent for every lease period. Capital lease, on the other hand, is similar to a property purchase. Capital lease runs for at least 75 percent of the property's useful life. The lessee pays the lessor at least 90 percent of the leased property's value and the property becomes the lessee's at the end of the lease.
Lessor
The lessor in a lease contract refers to the party who owns the property. In a real estate lease contract, this party is more commonly known as the landlord. The lessor usually has the obligation to transfer the property to the lessee at the beginning of the lease and to allow the lessee to use the property as long as the lessee complies with the terms of the lease contract. The lessor has the right to receive compensation as set by the contract.
Lessee
The lessee in a lease contract refers to the party who doesn't own the property, but pays for the privilege of using the property. In a real estate lease, the lessee is more commonly known as the renter or the tenant. The lessee has the obligation to pay the lessor according to the terms set by the contract. In return, the lessee gains the right to use the leased property. The lessee may have to follow certain guidelines to retain his right to the leased property. For example, a tenant may have to give up the property if he keeps a pet in his rental house.
What is The Difference Between Lessee and Lessor
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dictionary.reference.com/browse/lesseenoun a person, group, etc., to whom a lease is granted. Origin: 148595; Anglo-French. See lease 1 , -ee Related forms lesseeship, noun underlessee, noun ...
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Lessor Define Lessor at Dictionary.com
dictionary.reference.com/browse/lessor?s=tnoun a person, group, etc., who grants a lease . Origin: 13501400; Middle English lesso ( u ) r Anglo-French. See lease 1 , -or 2 Can be confused: lesser , lessor ...
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Lessee Define Lessee at Dictionary.com
dictionary.reference.com/browse/lessee?s=tnoun a person, group, etc., to whom a lease is granted. Origin: 148595; Anglo-French. See lease 1 , -ee Related forms lesseeship, noun underlessee, noun ...
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www.law.cornell.edu/ucc/1/1-201.html(a) Unless the context otherwise requires, words or phrases defined in this section, or in the additional definitions contained in other articles of [the Uniform ...
the LESSEE.
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