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 while paying rent to the lessor. Common examples of leased assets include real estate, vehicles, and equipment. In a lease agreement, the lessor retains ownership of the asset, while the lessee gains the right to use it. The terms of the lease, including duration and payment amounts, are typically outlined in a contract. This relationship is common in various industries, including real estate, automotive, and equipment rental.