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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. The lease is a legally binding document, and if the lessee violates its terms they could be evicted.

Finance Lease: 4 Types of Lease Financing Explained!Capital Lease: This is also called 'financial lease'.Operating Lease: Contrary to capital lease, the period of operating lease is shorter and it is often cancealable at the option of lessee with prior notice.Sale and Leaseback:Leveraged Leasing:

A triple net lease (triple-net or NNN) is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities.

This industry comprises establishments primarily engaged in acting as lessors of buildings used as residences or dwellings, such as single-family homes, apartment buildings, and town homes.The establishments in this industry may manage the property themselves or have another establishment manage it for them.

Summary. There are different types of leases, but the most common types are absolute net lease, triple net lease, modified gross lease, and full-service lease. Tenants and proprietors need to understand them fully before signing a lease agreement.

If the asset is sold, the lessor must authorize such a transaction and is entitled to receive any financial gains resulting from the sale. Although the lessor retains ownership of the asset, he enjoys reduced rights to the asset during the course of the agreement.

A lease agreement is a legal contract between two parties for the usage of an asset or property over a set period of time in exchange for rent payments. The owner of the asset or property allows another party to use the asset or property for payments.