landlord and tenant

landlord and tenant

Parties to the leasing of real estate, whose relationship is bound by contract. The landlord, or lessor, is the owner; the tenant, or lessee, supplies payment in order to enjoy possession and use of the property for a specified period. Important forms of tenancy include tenancy for a fixed period, periodic (seasonal) tenancy, tenancy at will, and holdover tenancy (whereby a tenant remains after the contract has ended). See also real and personal property, rent.

This entry comes from Encyclopædia Britannica Concise.
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