A lessor is an individual or legal entity that owns an asset and assigns the use and enjoyment of this asset to a lessee in exchange for monetary compensation.
A lessee is an individual or legal entity that acquires the right to use a good or service in exchange for paying a fee to a lessor.
Leasing or rental of real estate:
- Lessor: Owner of the property, receive money in exchange for ceding use of the house.
- Tenant: Tenant at the property, pays money in exchange for living in the house.