Landlord

From ArticleWorld

A Landlord has been defined as the owner of the land who, in consideration of a rent or other payment (ex. a premium), grants the right to exclusive possession of the whole or part of their land to another person for a specific or determinable period by way of a lease or tenancy. In common parlance, a landlord is someone who owns property, and rents it out to others for money.

Apart from real estate a landlord or a landlady may own an apartment, a condominium or an independent house which they may let out to either private persons or business houses, who are known as tenants.

Nomenclatures

In United Kingdom the owner of land or building is either called a land lord or a land lady. The owner of a public house or an inn is called a licensed victualler. The term probably has its root in the old English word, victuals, meaning foodstuff. Lessor and owner are two other terms used for landlord in England, while a tenant may be called a lessee or renter.

In America too, the landlord and tenant are called lessor and lessee respectively and the terms of their relationship are covered by the state laws.

Laws and disputes

Typically, the rules of most countries are favorably inclined towards tenants and there are only very limited reasons when a landlord can evict the tenant before the tenancy period gets over. Then again there are laws which put a ceiling on the rate of rent charged by the landlords. The landlord is also usually responsible for repairs and general maintenance while the responsibility of keeping the premises clean and tidy falls on the tenant.