Tag Archive | “duration of the lease”

What is Lessee?

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The party in a business transaction that contracts to make use of property or equipment for a specific amount of time is referred to as the lessee. The terms and conditions documented in a lease agreement govern the transaction. In return for the privilege of using the equipment or property for the duration of the lease, the lessee agrees that he or she will pay the owner or lessor regular payments that would be in accordance with the terms that are specified in the lease.

lease

Long-term rental of property

While in any type of rental or lease situation this term can be used, the idea of a lessee is usually associated with the long-term rental of property, such as a home or apartment. The terms of the lease normally provide specific rights,privileges, and responsibilities to both the tenant and the owner of the property. Usually a lessee lessor relationship is a positive one as long as both parties honor their obligations.

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September 2011
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