Can the lessor and lessee be the same person? What does the name lessor mean? English dictionary definition of lessor. Not to be confused with: lesser – smaller: She received a lesser amount.
An asset may be repossessed by the lessor in the event of a default on the lease payments. As such, a lessor is the owner of an asset that is leased under an agreement to a lessee. One who rents real property or Personal Property to another. The lessee makes a one-time payment or.
A lessor of land is a landlord. If we think of a lessee as a tenant or renter, the lessor is the landlord or owner. One of the more common scenarios of a lease agreement is an entity renting their owned property to another entity for a monthly cash payment.
Under a full-service or rental lease, the lessor promises to maintain and insure the equipment and to pay any property taxes due on it. Leases come in many forms, but in all cases the lessee promises to make a series of payments to the lessor. 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. More example sentences. If the covenant has the meaning suggested by the lessees, the lessors are liable for breach of the implied covenant. For example, in leasehold estate, the landlord is the lessor and the tenant is the lessee.
An owner of property who rents it to another party, called a tenant. Spanish nouns have a gender, which is either feminine (like la mujer or la luna) or masculine (like el hombre or el sol). An agreement is drawn up between the owner (the lessor ) and the tenant (the lessee).
Se celebra un acuerdo entre el propietario (el arrendador) y el inquilino (el arrendatario). A comparative of little 1. Smaller in amount, value, or importance, especially in a comparison between two things: chose the lesser evil. 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.
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. During the term of the lease agreement, the lessor will own the asset and is also entitled to any financial benefit that may be realized if the asset is sold. As nouns the difference between lesser and lessor is that lesser is a thing that is of smaller size, value, importance etc while lessor is the owner of property that is leased.
As an adjective lesser is (little). Therefore the liability always falls upon a lessee or tenant. In addition the scheme provided for relief for owner-occupier or lessors of residential property. In the action of ejectment, this was the party who really and in effect prosecuted the action and was interested in its result.
In simple words, a lessor is the owner of a real property, who rents it to the lessee. Lessor of the plaintiff. Usually, the leased property is tangible, like a house, a vehicle, or an equipment.
In mathematical writing, the less-than sign is typically placed between two values being compared and signifies that the first number is less than the second number. Since the development of.