What is definition of lessor?

A lessor is a person or entity that owns an asset, such as real estate, vehicles, or equipment, and allows another party, called the lessee, to use that asset for a specified period of time in exchange for periodic lease payments. The lessor retains ownership of the asset throughout the lease term and is responsible for maintaining and insuring it. The lessor also has the right to repossess the asset if the lessee does not fulfill their obligations under the lease agreement. In general, a lessor takes on the risk of ownership and benefits from the rental income generated by the leased asset.