Definition of Landlord
A landlord is the owner of real property, such as a house, condominium, apartment complex, land or another type of real estate that rents or leases this real property out to tenants, who are individuals or businesses who use this real property for their own use.
Why is this term important?
A landlord will buy a property then rent or lease it out in order to make a profit. A landlord can be an individual or a business and may handle all aspects of the rental or lease agreement—from finding and screening tenants to collecting rent to maintenance—or opt to pay a company or individual to take on these and other management tasks.
Whether a landlord is involved in the day-to-day operations of a rental or not, they are legally responsible for complying with federal, provincial and local landlord-tenant laws.
Examples of term
A landlord of an apartment building may own the complex but may employ a property manager to accomplish the day-to-day operations, including tenant screening and rent collection.