Posted in Finance, Accounting and Economics Terms, Total Reads: 702
The one who buys the rights for the utilization of the property from the owner under contractual agreement is called as lessee.
He abides to all the terms laid by the lessor and possesses the property for the time period specified in the lease agreement. In some cases the lease doesn’t even have to take care of the maintenance but mostly maintenance of the property under agreement is take care off by the lessee.
If X owns a house and he wants to make a lease agreement with Y in order for him to use the house, then Y will be termed as the lessee.