Lessee
Candlefocus EditorLeases are legally binding contracts between a lessee and a lessor. Lessees should be sure to read their lease carefully as it outlines the rights and obligations of both parties. Common lease terms are rent payment amount and frequency, length of the lease, security deposit, and any restrictions on using or occupying the property or equipment.
When leasing a vehicle, the lessee may get additional benefits such as warranties and regular maintenance. For commercial or residential leases, lessees should check their rental agreement for any restrictions on their use of the premises and whether or not they can sublease the space or if they can make changes to the space. If a lessee fails to fulfill the terms of their lease agreement, the lessor may take legal action.
For both lessees and lessors, there are laws that protect their rights and provide a framework for a successful landlord-tenant relationship. For example, both parties must adhere to fair housing laws and state security deposit laws. Local governments also have their own property related regulations that lessees and lessors must follow.
Overall, a lessee is someone who rents land, equipment, or property, typically with few or no changes to the initial agreement. A leasee should carefully read and understand the requirements and restrictions in the lease agreement before signing so that they can protect their rights and interests.