Lessee

Business Terms Print Email

A person lending a property after making an agreement in black in white is a lessee. It can be also be defined as the tenant who take a property on rent and performs his part of obligations as mentioned in the agreement. As this is a legal document if the lessee fails to perform the obligations he can be evicted.

The lessee has some rights in the leased property like the basic things such as water, electricity, and the right to make use of the space according to the wishes. It is essential that the lessee does not violate any rule either written in the agreement or as stated in the local building codes. It is also important that any tenancy agreement must be in present in writing if it is for a period of over one year. The lessee taken the authority to live in a particular property for a period as mentioned in the agreement with a promise to pay the stated price. This is a completely legal process so both the parties become legally binding to perform their duties and abide by the written rules in the tenancy agreement.

The lessee must abide by the rules till the agreement gets expired like upon completion of the tenure as mentioned in the agreement. The term of duration must be fixed that either it is for a definite period or for a indefinite duration. If the agreement is terminated on the will of parties to contract, lessee cannot be held liable to perform his part of obligations when the other party refuses to do it. Until and unless the lessee is legally performing his obligations the lessor cannot hold him liable for any natural event that occurs during the course of tenancy like earthquake. It will be unethical and illegal if the lessor sues the lessee to make the payment for the damage done to the property due to earthquake.

Lessor also has some rights like to use the security deposit money for any damage done to the property by the lessee and the right to know who is using his property. 

Login to ReadyRatios

 

Have you forgotten your password?

Are you a new user?

Login As
You can log in if you are registered at one of these services: