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Recreational Lease
A recreational lease is a contract stipulating that a lessor leases recreational facilities to lessees (homeowners and tenants) for a period of time.
This is most common with condominiums, town houses, or housing developments of the sort.
It essentially means that facilities in the premises do not belong to the home owners, but are owned by the developer.
And in order to use the facilities like tennis courts, gyms, barbecue pits, function rooms, etc.
There rental agreements are often triple net leases with a very long tenor.
Recreational leases have made the news in recent years for all the wrong reasons. Disputes and conflicts between tenants and landlord often originate from a feeling of unfairness felt by tenants.
In other areas of real estate, recreational leases can also be a term to describe lease agreements meant to lease land out for recreational activities such as fishing, hunting, sports, etc.
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