What is a Landlord?

What Does Landlord Mean

We explain what a landlord is, what is the relationship it has with an owner and the obligations of a tenant.

A landlord is someone who rents an apartment or vehicle, among others.

What is a landlord?

One of the two figures participating in a lease or rental contract is called a landlord . It is, specifically, the natural or legal person who owns an asset (movable or immovable) and who gives it for rent , assigning the right of use ( usufruct ) of it to the lessee, in exchange for the agreed monthly payment of a amount of money.

That is to say: in the event that an individual rents an apartment, the lessor will always be the owner of it, while he will be the lessee. Other terms used for both positions are hirer and hired , home and tenant , etc.

The terms of the legal arrangement between the landlord and the tenant will always be stipulated in a lease or rental contract, protected by the judicial authorities and in accordance with the protocols established in the legal framework of the country where they are located. Under no circumstances what is proposed and accepted there may be illegal, under penalty of making the contract invalid.

Among these agreed terms are: the time of the lease, the specific conditions in which it must occur, the ways to resolve unforeseen events or disagreements and also the amount of the rental payment and its possible modifications over time.

In the event that the terms of said mutual agreement are breached by either party, the law has the necessary mechanisms and institutions to resolve the conflict and do justice .

The assets leased in this way can be diverse : buildings, apartments, offices, parking lots, empty lots, cars, airplanes, etc.

See also: Heritage

Landlord and owner

Every landlord must be the owner of the leased property , or in any case must have the necessary powers to carry out the leasing process in question. No one can lease other people's or public property (except the State itself), as this would constitute a case of alienation (theft).

On the other hand, the rented property will never become the property of the lessee , unless the lease becomes a purchase-sale commitment . The lessee only acquires the rights to use the property (live in it, transport in it, etc.), but it will always remain the exclusive property of its owner.

In some laws , however, in the event that the landlord decides to sell the asset that the tenant has used for some amount of time, the lease may be taken as a purchase obligation in favor of the tenant , that is, the latter You must have the first purchase option in the event that the owner or owner wishes to offer the property for sale.

In some cases, a percentage of the amount paid for rent is even considered as a partial payment of the sale price of the asset in question.

Lessee

The lessee is the contractual party that acquires the rights to use an asset.

The lessee is the opposite figure to the lessor in a lease or rental contract: it is the person, natural or legal, who acquires the rights of use of a specific movable or immovable property , under contractual conditions of mutual agreement and for a specific time, and that he undertakes in exchange for the regular and monthly payment of an amount also determined.

In less words, a tenant is the one who rents something, and acquires the right to use that which he rented, although this will never make it its legitimate and definitive owner.

Follow on: Tenant

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