Simple English definitions for legal terms
Read a random definition: vacantia bona
Term: lessor
Definition: A lessor is someone who owns property and allows someone else, called a lessee, to use it for a period of time through a lease. If the property is a house or apartment, the lessor is called a landlord.
The lessor is the owner of a property who allows another person, called the lessee, to use the property for a certain period of time through a lease agreement. If the property is a building or land, the lessor is also known as a landlord.
These examples illustrate the concept of a lessor and lessee relationship. In both cases, the owner of the property (John and ABC Company) allows another party (Sarah and XYZ Corporation) to use the property for a certain period of time in exchange for payment (rent). The lessor retains ownership of the property but gives the lessee the right to use it for a specific purpose and time period.