Lessor

This term refers to the owner of the asset leased to the lessee, who agrees to makes payments to the lessor, on either a one-time or periodic basis. The lease agreement is legally binding on both parties, and itemizes the rights and obligations of both. Any special privileges granted to the lessee are at the discretion of the lessor. Regarding lease agreements involving real estate or property, he lessor is also referred to as the landlord.