A lessor is an individual or entity that owns a property or asset and leases it to another party, known as the lessee. This arrangement allows the lessee to use the property for a specified period in exchange for regular payments, typically called rent. Common examples of properties leased by a lessor include real estate, vehicles, and equipment. In a lease agreement, the lessor retains ownership of the asset while granting the lessee certain rights to use it. The terms of the lease, including duration, payment amounts, and responsibilities for maintenance, are outlined in a contract to protect both parties' interests.