Lessor

A lessor in real estate is an individual or entity that owns a property and grants the right to use or occupy it to another party, known as the lessee, through a lease agreement. The lessor retains ownership of the property while providing the lessee with the temporary right to use the space in exchange for rent payments and adherence to the terms outlined in the lease. Lessors can be landlords of residential properties, commercial property owners, or institutional landlords such as corporations and real estate investment trusts (REITs). Their responsibilities typically include property maintenance, ensuring compliance with local laws and regulations, and addressing any issues that arise during the lease term.