lessee


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Related to lessee: lessor

Lessee

One who rents real property or Personal Property from another.

A lessee of land is a tenant.

Cross-references

Landlord and Tenant.

lessee

n. the person renting property under a written lease from the owner (lessor). He/she/it is the tenant and the lessor is the landlord. (See: lease, lessor, tenant, landlord, landlord and tenant)

lessee

noun boarder, conductor, holder of an estate by virtue of a lease, leaseholder, lodger, occupant, occupier, person in possession, possessor, property holder, rent payer, rentee, renter, resident, roomer, tenant
See also: consumer, customer, lodger, occupant, tenant

lessee

a person to whom a LEASE is granted; a tenant under a LEASE.

LESSEE. He to whom a lease is made. The subject will be considered by taking a view, 1. Of his rights. 2. Of his duties.
     2.-1. He has a right to enjoy the premises leased for the term mentioned in the lease, and to use them for the purpose agreed upon. He may, unless, restrained by the covenants in the lease, either assign it, or underlet the premises. 1 Cruise, Dig. 174. By an assignment of the lease is meant the transfer of all the tenant's interest in the estate to another person; on the contrary, an underletting is but a partial transfer of the property leased, the lessee retaining a reversion to himself.
     3.-2. The duties of the lessee are numerous. First, he is bound to fulfill all express covenants he has entered into in relation to the premises leased; and, secondly, he is required to fulfill all implied covenants, which the relation of lessee imposes upon him towards the lessor. For example, he is bound to put the premises to no other use than that for which it was hired; when a farm is let to him for common farming purposes, he cannot open a mine and dig ore which may happen to be in the ground; but if the mine has been opened, it is presumed both parties intended it should be used, unless the lessee were expressly restrained; 1 Cruise, Dig. 132. He is required to use the property in a tenant-like and proper manner; to take reasonable care of it and to restore it at the end of his term, subject only to the deterioration produced by ordinary wear and the reasonable use for which it was demised. 12 M. & W. 827. Although he is not bound, in the absence of an express covenant, to rebuild in case of destruction by fire or other accident, yet he must keep the house in a habitable state if he received it in good order. See Repairs. The lessee is required to restore the property to the lessor at the end of the term.
     4. The lessee remains chargeable, after an assignment of his term, as before, unless the lessor has accepted the assignee; and even then he continues liable in covenant on an express covenant, as for repairs, or to pay rent; 2 Keb. 640; but not for the performance of an implied one, or, as it is usually termed, a covenant in law. By the acceptance, he is discharged from debt for arrears of future rent. Cro. Jac. 309, 334; Ham. on Parties, 129, 130.
     Vide Estate for years; Lease;, Notice to quit: Tenant for years; Underlease.

References in periodicals archive ?
Although not within the scope of this article, both the lessee and the lessor must give consideration to computing the allocation between lease and non-lease components, or between multiple lease components within a single arrangement.
The property must be placed in service more than three years after the building was first placed in service, and the space must be occupied solely by the lessee (Sec.
The lessee must pay the rent to the lessor within a maximum period of one week from the due date stated in the lease.
Consistent with current GAAP, the proposed standard requires lessees to record lease obligations at the present value of the minimum lease 'Payments, discounted at either the lessee's incremental borrowing rate or the discount rate implicit in the lease.
It was with this in mind that we took steps to update and improve this vital publication which we hope will help lessees to further understand the unique system they live in.
The proposal is that most leases would be shown the accounts of the lessee as assets with corresponding liabilities and as debt assets in the accounts of the lessors.
Brett Williams, chairman of the Association of Residential Managing Agents (ARMA), said: "Quite apart from understanding their legal rights and responsibilities of owning a leasehold flat in terms of their landlord, lessees also need to think of their social rights and responsibilities relating to their neighbours.
13, "Accounting for Leases" (see also FASB Accounting Standards Codification Topic 840), leases that transfer substantially all of the benefits and risks of ownership from the lessor to the lessee are classified as capital leases.
Leasing agreements: All rents paid by a lessee for using the property must reflect FMV, and all leasing arrangements must be bona fide.
The appellate court said that to show that the appraisers owed the lessees a duty, the lessees had to allege that the appraisals were intended to benefit or influence them.
A lessee who is a registrant is eligible to claim an ITC for GST/HST paid on vehicle repairs for a leased vehicle covered by an insurance policy, if the lessee is the recipient of the repairs and the other conditions in section 169 respecting ITCs are satisfied.
So far, at two different times, the lessee has missed making its rental payments; but, after gentle reminders from lessor's counsel, these were cured and the rent is now current.