Lessee

A lessee is an individual or business that rents or leases property, such as a vehicle, apartment, or equipment, from the owner (lessor). Instead of owning the item outright, the lessee pays periodic payments for the right to use it for a set period. The lease agreement outlines the terms, including duration, payment amount, and responsibilities. Essentially, the lessee gains temporary possession and use of the property without the full ownership rights, while agreeing to comply with the terms specified in the lease.