Lessor meaning

Word Origin late Middle English: from Anglo-Norman French, from Old French lesser ‘let, leave’. Is it lesser or lessor? Who is the lessor and the lessee?

A lease is a form of agreement wherein, as defined by International Accounting Standard 1 a lessor conveys to the lessee , in return for a payment or series of payments, the right to use an asset for an agreed period of time. An asset may be repossessed by the lessor in the event of a default on the lease payments.

God , a deity , a nation , etc. As such, a lessor is the owner of an asset that is leased under an agreement to a lessee. A lessor is essentially someone who grants a lease to someone else. The lessee makes a one-time payment or. For example, in leasehold estate, the landlord is the lessor and the tenant is the lessee.

If we think of a lessee as a tenant or renter, the lessor is the landlord or owner. A comparative of little 1. Smaller in amount, value, or importance, especially in a comparison between two things: chose the lesser evil.

If the covenant has the meaning suggested by the lessees, the lessors are liable for breach of the implied covenant. In addition the scheme provided for relief for owner-occupier or lessors of residential property. For a very brief time, both the lessor and the lessee were one and the same person.

The definition of a lessor is someone who loans property to another person with a written agreement. An example of a lessor is the owner of an apartment building. YourDictionary definition and usage example. Owner or the title holder of the leased asset or property.

In case of leveraged leases, however, a third party (the lender) and not the lessor holds the title. In other words, a lessor leases or rents leased property to the lessee. Leasing a piece of property is much like renting it for a set period of time. What Does Lessor Mean?

Lessor The owner of lan a house, or other property who sells the right to use the property for a set period of time. Sometimes, this includes the right to develop land belonging to another, but normally it is the right to live on or use an already developed property. An owner of property who rents it to another party, called a tenant. Legal Definition of lessee. Keep scrolling for more.

The person who uses the land or property is the lessee.

Synonyms and related words Definition and synonyms of lessor from the online English dictionary from Macmillan Education. Lessee has to make one time or periodic payment as per the agreement in return for the use of the assets. Familiarity information: LESSOR used as a noun is very rare.

On the other han a lessee is a person or a party who takes the asset on lease from the lessor (owner of the asset).