The person who rents land or property from a lessor.
A lessor is someone who grants a lease of something to someone. For example, in a commercial building lease scenario, the lessor is the landlord (building owner), and the tena … nt will be known as the lessee. DEFINITION of 'Lessor'. The owner of an asset that is leased under an agreement to the lessee. The lessee makes one-time or periodic payments to the lessor in return for the use of the asset. The lease agreement is binding on both the lessor and the lessee, and spells out the rights and obligations of both parties. In the case of real estate or a car, the lessor is the property owner or automobile dealer respectively; in the case of a trademark or brand name, the lessor is the company that owns it and has conferred the right to use the trademark or brand name to a franchisee. DEFINITION of 'Lessee'. The 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, he or she could be evicted. Next Up. lessee. n. the person renting property under a written lease from the owner (lessor). He/she/it is the tenant and the lessor is the landlord. (See: lease, lessor, tenant, landlord, landlord and tenant).
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what is a lessee