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Who is the lessor?

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0 2021-12-08T15:01:02+00:00
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Before understanding who is the lessor, we must know a little bit about lease agreement to get the context, don’t you think?

So basically a lease agreement is an agreement between a tenant, herein lessee and a landlord, herein lessor. The lease agreement has all the terms and conditions, party details, financial details, etc. defined clearly. Now that we know details of a lease agreement, let us understand lessor meaning and rights of a lessor according to the law.

What is a lessor?

Lessor meaning if you say, is basically a landlord who allows the tenant or lessee to occupy or use his/her property for a certain period of time in return for a set rental income. Let us understand this better with an example:

Suppose Rohit has a shop right in a busy commercial area and the bank is interested in setting up an ATM machine there. He gets into a lease agreement with the bank for 10 years and accepts that the rent will be received as per the transactions (financial and non-financial) happening via that ATM machine. In this arrangement, the bank is lessee while Rohit is a lessor.

Click here to create an online lease agreement What are the rights of lessor?

Now that we have established lessor meaning let us explore rights and obligations of a lessor as per the law. Here are a few worth mentioning:

  • Lessor can choose who can have access to the property as a lessee

  • he/she has the right to demand security deposit as mentioned in the law

  • Lessee is entitled to perform maintenance and repairs

  • Lessee has the right to evict the lessor in case of unlawful activities, non payment of rent or on the grounds of breach of lease agreement

These are some of the basic rights and obligations of a lessor.

If you are a property owner struggling to find genuine tenants, you can post a FREE ad on NoBroker and find tenants instantly Avoid the hassle of negotiating with potential tenants, leave it to the experts by getting NoBroker Owner Plans curated for landlords like you. Read more: Where can I buy a lease agreement form What is lease agreement How to terminate lease agreement early What is the difference between rent agreement and lease agreement

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