ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A tenant is someone who pays rent for the place they live in, or for land or buildings that they use.

Detailed explanation-2: -What Is a Lessee? A lessee is a person who rents land or property from a lessor. The lessee is also known as the “tenant” and must uphold specific obligations as defined in the lease agreement and by law.

Detailed explanation-3: -a person who pays rent for the use of land or a building.

Detailed explanation-4: -A lessor can be either an individual or a legal entity, like a business or organization. The lessor is always the owner of the asset. For example, if a car is the asset in question, the lessor would be the property owner or auto dealer leasing out the car. The lessee is always the one using the asset temporarily.

Detailed explanation-5: -Technically, in common legal usage, the term should refer only to the party who owns the property and allows another to rent it. The party paying for the use of the property is properly termed a rentee.