What Is Lessor and The Role of It
If you want to rent an office, you need to know who the lessor is and what they can do. WHAT IS LESSOR? A lessor is a person entering into a lease to own the property and makes it available as a rental object for the tenant’s temporary possession. For example, in rental property, the lessor is the one and the lessee is the other. The lessor can be the owner of the property or an authorized agent on behalf of the owner. Commercial banks, non-bank credit institutions, and rental companies often act like them. TERMS They can be legal entities and individuals. However, the term “leasing company” is sometimes used as a synonym for the term “lessor”. The Seller and the lessor can be the same person. ROLE OF LESSOR Lessor’s interaction with other parties to the Lease is as follows: Lessee chooses a seller whose property they need Lessor transfers the property to the Lessee for temporary use with an agreed payment. After the completion of the contract, depending on the terms of ...