- The lessor is the owner of the asset that is being leased or leased to another party, known as the lessee.
- Landlords and tenants enter into a binding agreement, known as a lease agreement, which sets out the terms of their agreement.
- While any property can be leased out, most often this practice is associated with residential or commercial real estate - a house or office.
- The landlord can be a company or an individual, depending on who or what organization owns the building.
- Depending on the circumstances, “landlord” may be another name for the landlord.