Lessee

Lessee
The person who rents land or property from a lessor. The lessee is also known as the "tenant", and must uphold specific obligations as defined in the lease agreement and by law. The lease is a legally binding document, and if the lessee violates its terms, he or she could be evicted.

The lessee's rights include the right to privacy, the right to basic standards of habitability such as water, electricity and heat and the right to live in a space that complies with local building codes.

The lessor's rights include the right to screen potential tenants, the right to know and approve of who is occupying the leased unit and the right to use part or all of the tenant's security deposit to repair any damage caused to the property by the lessee. The lessor's responsibilities include complying with health and safety codes, making necessary repairs, returning a fair amount of the tenant's security deposit when the lease is terminated and providing advance notice to the tenant if it will be necessary to enter the unit.


Investment dictionary. . 2012.

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Look at other dictionaries:

  • lessee — les·see /le sē/ n: a person who has possession of real or personal property under a lease; specif: a tenant of real property under a lease Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. lessee …   Law dictionary

  • lessee — lessee, lessor The lessee is the person who holds a property by lease, and the lessor is the person who lets a property by lease …   Modern English usage

  • Lessee — Les*see (l[e^]s*s[=e] ), n. [F. laiss[ e], p. p. of laisser. See {Lease}, v. t.] (Law) The person to whom a lease is given, or who takes an estate by lease. Blackstone. [1913 Webster] …   The Collaborative International Dictionary of English

  • lessee — one to whom a lease is given, late 15c., from Anglo Fr. lesee, O.Fr. lessé, pp. of lesser (Mod.Fr. laisser) to let, leave (see LEASE (Cf. lease)) …   Etymology dictionary

  • lessee — ► NOUN ▪ a person who holds the lease of a property. ORIGIN Old French lesse, from lesser to let, leave …   English terms dictionary

  • lessee — [les ē′] n. [ME < Anglo Fr < OFr lessé, pp. of lesser < OFr laissier: see LEASE & EE1] a person to whom property is leased; tenant …   English World dictionary

  • lessee — a person who enters into a lease contract as the user of the land, buildings, plant or equipment. Glossary of Business Terms An entity that leases an asset from another entity. Bloomberg Financial Dictionary * * * lessee les‧see [leˈsiː] noun… …   Financial and business terms

  • Lessee — An entity that leases an asset from another entity. The New York Times Financial Glossary * * * lessee les‧see [leˈsiː] noun [countable] LAW someone who is legally allowed to use a house, building, land etc for a fixed period of time in return… …   Financial and business terms

  • lessee — The party to a lease known as the tenant. The bailee under a lease of personalty. There is authority to the effect that the presence or absence of possession of the premises is a distinguishing factor between the relationship of landlord and… …   Ballentine's law dictionary

  • Lessee —   An independent marketer who leases the station and land and has use of tanks, pumps, signs, etc. A lessee dealer typically has a supply agreement with a refiner or distributor and purchases products at dealer tank wagon prices. The term lessee… …   Energy terms

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