What term describes the party who leases a property?

The term that describes the party who leases a property is "lessee." In a leasing arrangement, the lessee is the individual or entity that enters into a lease agreement to use or occupy a property owned by another party for a specified time in exchange for payment, often rent. This agreement allows the lessee to enjoy the benefits of the property without having to purchase it outright.

Understanding this term is essential in both real estate and contractual contexts, as it defines the rights and responsibilities of the lessee in relation to the property and the lessor, who is the party that owns the property and grants the lease. The lessee typically has rights to use the property as stipulated in the lease, and they are obligated to adhere to the terms of that lease, including making timely payments.