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Lessor
The owner of an asset that can be hired through a lease agreement.
In a lease agreement, the lessor is the party who owns the property or asset being leased and grants its use to another party (the lessee) for a specified period of time. The lessor typically receives periodic payments from the lessee for the right to use the property.
Example
- Scenario – A company needs a new fleet of delivery trucks for its operations but doesn’t want to purchase them outright.
- Lessor – A leasing company owns a fleet of trucks and offers them for lease to businesses.
- Lease Agreement – The company enters into a lease agreement with the leasing company, agreeing to make monthly lease payments in exchange for the use of the trucks.
In this example, the leasing company is the lessor. They own the trucks and are granting their use to the company for a specified period.
