You can associate multiple leases to a location in Leasecake, which can be helpful in situations where you have multiple roles at the property (Landlord vs Tenant).
| Definition | Example |
Lessee (Expense Lease) | A lessee is a person or entity that leases property from a lessor. The lessee has the right to use and occupy the property under the terms of the lease agreement. | If a restaurant rents a space in a commercial building to operate its business, the restaurant is the lessee. |
Lessor (Income Lease) | A lessor is the owner of the property who leases it to a lessee. The lessor grants the lessee the right to use the property for a specified period in exchange for rent or lease payments. | If you own a commercial building and rent it out to a restaurant, you are the lessor. |
Sublessee (Expense Lease) | A sublessee is a person or entity that leases property from a lessee (the original tenant) rather than directly from the property owner. The sublessee occupies and uses the property under the terms agreed upon in the sublease agreement. | If a restaurant owner leases a kitchen area to a catering company, the catering company is the sublessee. |
Sublessor (Income Lease) | A sublessor is a lessee who leases the rented property to a third party, known as the sublessee. The sublessor retains their lease with the original lessor (property owner) while entering into a separate lease agreement with the sublessee. | If a business rents an office space and then leases part of that office to another company, the business becomes the sublessor. |
When adding or editing a lease in Leasecake, you will need to fill out the appropriate lease parties. By selecting the role of the company, you can indicate what type of lease this is.
If you have indicated you are the Sublessor, you will also need to select what the Head Lease is and the tenant information.
When viewing a Lease, you will see the counterparty name below the lease name.
Keywords:
Landlord, land lord, edit landlord, counterparty, counter party, sublease, sub lease, subleasing, tenant lease