Arizona Lease of Lakeside Cottage as Vacation Property
Category:
State:
Multi-State
Control #:
US-1340983BG
Format:
Word;
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Description
As a general matter, a “lease of real property” can be defined as an instrument that creates the relation of landlord and tenant. A lease has a dual character, being both a contract and a conveyance. A “lease” is a contract between a lessor and a lessee for the possession and use of leased premises, generally for a specifically defined term and in consideration of rent, reserving a reversion in the lessor; it is, at the same time, a conveyance of such an estate in the land. The estate obtained by the lessee is generally known as the “leasehold.”
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