A lessor is a person who leases property to another person. As a result, a lessor is the owner of an asset that is leased to a lessee under a contract. In exchange for the use of the asset, the lessee pays the lessor a one-time payment or a series of periodic payments. The lessor is the legal owner of the asset or property and grants the lessee the right to use or occupy it for a set period of time. The lessor retains ownership of the property during the contract and is entitled to periodic payments from the lessee based on their initial agreement. The lessee is the person who is granted the right to use an asset for a set period of time in exchange for making periodic payments to the lessor in accordance with their original agreement. The length of a lease is frequently determined, at least in part, by the type of asset or property.

Nijo Nicholas

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