Lessor

A lessor is the party that rents the property out. In multifamily, the lessor is usually the ownership entity, such as an LLC or partnership, even though the resident deals with the on-site team every day.

Your management company typically signs the lease as the lessor's agent, under a management agreement. That means you act for the owner, follow the owner's policies and carry out the lessor's duties: delivering a safe, habitable unit, keeping common areas safe, respecting quiet enjoyment, handling deposits correctly and following notice rules.

Example: a lease names the ownership entity (often an LLC set up for the property) as lessor and your management company as agent. When a resident has a question, they call you, but the lease obligations belong to the owner.

The common mistake is naming the wrong entity on the lease or on a notice. A wrong party name can create problems later when you need to enforce the lease. Check the exact legal name of the owner with your regional or asset manager and use it consistently. When in doubt, confirm with counsel.

Learning who the lessor is, and what your management agreement lets you sign and decide, is a quick way to look sharp as you move up toward community or regional manager roles.