DIFFERENCE BETWEEN LESSOR AND LESSEE
A lessor is a person or entity that owns a property and allows another party to use that property in exchange for rent, under a lease agreement. The lessor is often referred to as the landlord or property owner.
A lessee, on the other hand, is a person or entity that rents or leases a property from the lessor, usually for a specified period of time, and pays rent for the right to use the property. The lessee is often referred to as the tenant or renter.
A lessor and a lessee are terms used in the context of a lease agreement, which is a contractual arrangement where a property owner (the lessor) allows another party (the lessee) to use their property in exchange for rent.
The main difference between the two is that the lessor is the owner of the property, while the lessee is the party who is renting or leasing the property. The lessor is responsible for maintaining the property and ensuring that it is in good condition for the lessee to use. The lessee, on the other hand, is responsible for paying rent, using the property in accordance with the terms of the lease agreement, and returning the property to the lessor at the end of the lease term.
Here are the main differences between a lessor and a lessee:
Lessor:
• Owns the property that is being leased
• Grants the right to use the property to the lessee in exchange for rent
• Has the responsibility to maintain and repair the property, unless otherwise stated in the lease agreement
• Must provide the lessee with peaceful enjoyment of the property, meaning the lessor cannot interfere with the lessee’s use of the property
• Has the right to terminate the lease agreement if the lessee breaches any of the terms
Lessee:
• Rents or leases the property from the lessor
• Pays rent to the lessor for the right to use the property
• Must use the property for the purpose stated in the lease agreement and in compliance with any laws and regulations
• Has the responsibility to take care of the property and maintain it in the same condition as when they first leased it
• Has the right to occupy the property and use it for the duration of the lease agreement, as long as they comply with the terms
