A lessor and a lessee are centrally the two parties to a lease agreement. A lease is a contractual agreement where one party gives out his asset or property for a particular purpose during a particular period for a periodic fee.
The lessor is the party who owns the property but gives it out for payment, while the lessee is the party who pays the amount and is entitled to possession of the property as long as the lease agreement lasts. The duration of a lease is usually a long period.
During the lease, the lessor and lessee owe each other some rights and duties. The lessee is entitled to possession rights as he is free to use the leased property peacefully without unlawful interference.
He has the locus standi to sue in tort on trespass if there is any unlawful interference with possession by anybody plus the lessor.
However, while he enjoys these rights, he has to handle the property in question with care and diligence such that the property does not lose its character as his possession does not translate to ownership.
The lessor never loses proper title to the leased property during the lease.
Differences Between the Lessor and Lessee.
Duties of a Lessor
The parties may entrench some special duties in the lease agreement. However, here are some general obligations the lessor owes to the lessee;
He must deliver the property. He must ensure the property is fit for the use for which it is leased. He must provide undisturbed enjoyment of the property.
Duties of a Lessee
The lessee similarly owes the lessor some obligation which includes;A duty to pay the amount for the lease as stipulated by the terms. A duty to handle the lease item with diligence. He is also responsible for the payment of the deed of lease.
Termination of Lease Agreement
How does the relationship between the lessor and the lessee come to an end? At what point do the parties to a lease agreement stop enjoying rights and performing duties to each other? Does the lessor-lessee relationship last forever?
There is an old saying that whatever has a beginning has an ending. Also, as stated earlier, the lease agreement lasts for a particular period. These are modes of termination of a lease agreement;
Expiration of contract: when the lease is over, the lessee has made the required payments. If the parties do not intend to renew the agreement, the lease agreement dies a natural death.
Breach of agreement: where one party goes against the agreement, it may bring an end to the lease agreement depending on the nature and extent of the breach.
Act of God: this has to do with events beyond the control of both parties that make it impossible for the parties to go on with the agreement. Examples include; destruction of property due to natural forces e. t. c.
Eviction of the lessee from the (real) property: this is a court order gotten by the lessor to lawfully eject the lessee from his property mostly due to non-payment of the lease payment.
Remedies for Breach of Lease Agreement
Damages: The injured party can successfully maintain an action in court and get compensated monetarily for the breach.
Specific performance: the injured party may as well get an order of court ordering the party in breach to perform specific terms of the agreement.
Alternative dispute resolution techniques e.g arbitration, conciliation, or mediation may be employed by the parties.
Conclusion
The persons of a lessor and lessee are created by the creation of a lease agreement. This agreement births rights, duties, and a relationship between the lessor and lessee. Consequently, the person and relationship between the lessor and lessee come to an end at the close of the lease agreement.
What is the content of a lease agreement?
The lease agreement contains the terms under which the lease should be conducted. These terms are subject to legislation i.e, they must vary by any statute
What properties can be leased?
Generally, leases are usually associated with real property, but other tangible and intangible assets can also be leased.
For example
Industrial or building equipment, cars, computers, and so on. Non-tangible properties include trademarks or brand names. This type of lease is called a franchise.
