What role does a lessor play in a leasing transaction?

In a leasing transaction, the lessor is the individual or entity that grants the lease to the lessee, or tenant. This role involves providing the right to use and occupy the property for a specified period in exchange for rent. The lessor retains ownership of the property while allowing the lessee to use it according to the terms outlined in the lease agreement. This fundamental role establishes the lessor as the provider of the property, distinguishing them from the lessee, who occupies and uses it.

The other roles described, such as the tenant, property manager, or lender, do not accurately define the lessor's responsibilities. The tenant is the one who leases or rents the property, while managing the property typically pertains to a property management role separate from ownership. Additionally, a lender is involved in financing arrangements rather than the leasing process. Thus, the correct identification of the lessor as the entity that grants the lease underpins their crucial role in the leasing transaction.