What is the role of a lessor in a lease agreement?

The role of a lessor in a lease agreement is that of the property owner. A lessor is the individual or entity that grants the lease to another party, allowing them to use the property for a specified period in exchange for rent. This relationship is foundational in real estate transactions because the lessor maintains rights over the property, including the right to receive rent and enforce lease terms.

In contrast to the lessor, the tenant, also known as the lessee, has the right to occupy and use the property as outlined in the lease agreement but does not own it. The property manager, if involved, typically operates on behalf of the lessor to manage the property effectively. An assignee references a party that has received rights under the lease agreement from another party, which relates to the transfer of lease benefits but does not define the original property owner's role.

Understanding the structure of lease agreements and the specific roles of those involved is essential for navigating and applying real estate principles correctly.