Investopedia

Continue to Site »

Lessee

Filed Under »
Dictionary Says

Definition of '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.
Investopedia Says

Investopedia explains 'Lessee'

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.

Articles Of Interest

  1.

    Tips For The Prospective Landlord

    Investing in rental property can generate serious income, but there's more to it than collecting rent.

  2. Tax Deductions For Rental Property Owners

    Besides creating ongoing income and capital appreciation, real estate provides deductions that can reduce the income tax on your profits.

  3. Simple Ways To Invest In Real Estate

    Owning property isn't always easy, but there are plenty of perks. Find out how to buy in.

  4. Are You Ready to Rent?

    If you think it's time to test your wings and leave your parents' nest, read on.

  5. Reasons Renting Is Better Than Buying

    Owning a home is much more expensive than renting. Here are the places where the costs differ greatly.

  6. Retirement Living: Renting Vs. Home Ownership

    Here are three simple questions you should consider when weighing this decision.

  7. 6 Ways To Get Your Full Security Deposit Back

    When renting an apartment, a security or damage deposit is almost always required. Here are some tips to help you avoid unforeseen circumstances and get your money back in its entirety when you ...

  8. Moving Back Home: A Win-Win Situation

    When a young adult moves back home it can be beneficial for their finances and their parents'.

  9. How To Find The Perfect Apartment

    Here are some useful tips to help you find an apartment that's affordable and livable.

  10. The Benefits And Pitfalls Of Joint Tenancy

    This arrangement allows beneficiaries to access your account without having to go to court.
comments powered by Disqus
Marketplace
Hot Definitions

  1. Validation Period

    The amount of time necessary for the premium on an insurance policy to cover the commissions, the cost of investigation, medical exams and other expenses associated with the issuance of the policy.

  2. Winner's Curse

    Because of incomplete information, emotions or any other number of factors regarding the item being auctioned, bidders can have a difficult time determining the item's intrinsic value. As a result, the largest overestimation of an item's value ends up winning the auction.

  3. Glocalization

    A combination of the words "globalization" and "localization" used to describe a product or service that is developed and distributed globally, but is also fashioned to accommodate the user or consumer in a local market.

  4. Disaster Loss

    A special type of tax-deductible loss, similar to a casualty loss, where a loss has been incurred by taxpayers who reside in an area that has been designated as a federal disaster area by the President.

  5. Fool In The Shower

    The notion that changes or policies designed to alter the course of the economy should be done slowly, rather than all at once.

  6. Pattern Day Trader

    An SEC designation for traders who trade the same security four or more times per day (buys and sells) over a five-day period, and for whom same-day trades make up at least 6% of their activity for that period.
Trading Center