Origin of lessorAnglo-French from lesser: see lease
The definition of a lessor is someone who loans property to another person with a written agreement.
An example of a lessor is the owner of an apartment building.
One who leases property; a landlord.
Origin of lessorMiddle English lessour from Anglo-Norman from lesser to let out, lease ; see lease .
lessor - Legal Definition
The owner of real or personal property, an interest in which is granted by lease.
- At harvest-time the produce is placed in the barns of the lessor, who first deducts 25% as premium, then 16% for battiteria (the difference between corn before and after winnowing), then deducts a proportion for rent and subsidies, so that the portion retained by the actual tiller of the soil is extremely meagre.
- But as between the subtenant and his immediate lessor the subtenancy will be good, and should the interest of the lessor become greater than it was when the subtenancy was created the subtenant will have the benefit of it.
- At the will of both, for if a demise be made to hold at the will of the lessor, the law implies that it is at the will of the lessee also and vice versa.
- The component parts of a lease are the parties, the recitals (when necessary) setting out such matters as the title of the lessor; the demise or actual letting (the word " demise " is ordinarily used, but any term indicating an express intention to make a present letting is sufficient); the parcels in which the extent of the premises demised is stated; the habendum (which defines the commencement and the term of the lease), the reddendum or reservation of rent, and the covenants and conditions.
- Thus a lessee is under an implied obligation to treat the premises demised in a tenant-like or " husband-like " manner, and again, where in a lease by deed the word " demise " is used, the lessor probably covenants impliedly for his own title and for the quiet enjoyment of the premises by the lessee.