Who is considered a tenant in real estate terms?

In real estate terminology, a tenant is defined as an individual or entity that rents property from a landlord. This relationship is formalized through a lease or rental agreement, where the tenant pays rent for the right to occupy, use, or otherwise benefit from the property for a specified period of time.

The essence of this definition lies in the lease agreement that establishes the rights and responsibilities of both the tenant and the landlord. Tenants do not own the property; rather, they hold the right to use it as per the terms outlined in their lease. This distinction is crucial because it highlights that tenants are often subject to specific rules and limitations dictated by the property's owner, emphasizing a temporary possession rather than ownership.

In contrast, other options describe different roles in real estate. Buyers are engaged in the process of purchasing property, legal owners hold the title to the property, and financial institutions facilitate real estate transactions by providing mortgage loans, none of which align with the definition of a tenant.