Lessor can be defined as the owner of the property that has been the subject matter of the leased agreement. It can also be known as the person who gives his property to the lessee for a particular duration.
A lease agreement is always a written agreement and it states the rights and obligations of both parties i.e the “Lessor” and “Lessee”. Lessor may also be called as the Landlord of the property that has been leased as this term is generally used in the lease agreement. The lessor being the owner can grant some additional rights to the lessee such as termination of the tenancy before the stipulated time or agreement renewal with minor or no changes in the agreement.
The property can be tangible property like office or home premises, or intangible property as trademark, patent or copyrights. In every case the owner is known as the lessor and lessee is the party who borrows the leased item. Lessor has some fundamental rights to the property that he has given on lease such as he has the right to know who is lessee, right to use the security deposit incase of lessee’s default, right to use the property for repair purposes, right to terminate the agreement giving an advance notice of 6 months etc. He has some obligations too for the sake of lessee which includes ensuring that the ha gives a receipt to lessee for all the payments made, make sure that he pays lessee for any repairs which was his responsibility, provide a valid notice of termination, return deposit to lessee on termination of agreement etc. Further it is the duty of lessor to use all possible means to make sure that he has not mislead the tenant as to the material facts of the subject matter in any case which might be of harm to the person using the property.It is important that the lessor pays his part of obligation with honesty and maintain a friendly environment with his tenant. If he does so, he then cannot be held liable for any damage to done to lessee however, he can sue the lessee for any damage he might have done to the property.