What role does a lessor play in property leasing?

A lessor is fundamentally defined as the party that grants a lease, making them the owner of the property or asset being leased. In the leasing agreement, the lessor allows another party, known as the lessee or tenant, to use the property for a specified period of time in exchange for rental payments. This relationship involves legal and contractual obligations, where the lessor retains ownership and the rights associated with it while the lessee gains temporary usage rights.

Understanding this role clarifies the dynamics within a lease arrangement. The lessor's responsibilities may include ensuring the property is habitable and in compliance with relevant laws, while deriving income from the lease payments. As such, the lessor directly influences the leasing process and retains significant interest in the property's maintenance and compliance, distinct from the roles of the tenant or property manager.