Sample Proprietary Lease For Co Op For Rent
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How to fill out Agreement To Assign Proprietary Lease Of Cooperative Apartment And Membership?
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FAQ
An Example Of A Proprietary Lease In A Co-Op Your proprietary lease could state something like this: "The lessee shall not permit or suffer any unreasonable noise in the building that will interfere with the rights of other lessees."
A proprietary lease is a lease between a cooperative apartment association and a tenant that carries with it the right to occupy a specific apartment.
The ?who? who owns that property is you, at least in part. But when you buy shares in a co-op, you don't become the owner of real property. Instead, your money buys you a stake in the corporation that owns the property, and that stake typically comes with an occupancy agreement or proprietary lease.
A proprietary lease is a special type of lease used for co-ops. Because co-op owners own shares in the overall corporation, rather than owning their units outright as property, the proprietary lease is what gives them the legal right to live in their unit.
Bottom line. A proprietary lease is a special type of lease used for co-ops. Because co-op owners own shares in the overall corporation, rather than owning their units outright as property, the proprietary lease is what gives them the legal right to live in their unit.