Also found in: Dictionary, Thesaurus, Legal, Idioms, Encyclopedia, Wikipedia.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
One who has obtained the right to use land, a house, and/or other property owned by someone else. Sometimes, this includes the right to develop land belonging to another, but normally it is the right to live on an already developed property. The contract governing a lessee's rights is a lease; it generally includes the lessee's right to use the property under certain conditions without undue interference from the lessor for the period of time described in the lease. In exchange, the lessee pays rent.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
(1) One who leases real property. (2) One who has an estate in land,such as a joint tenant with right of survivorship.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.