Sample Proprietary Lease For Co-op

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Multi-State
Control #:
US-03491BG
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Word; 
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Description

An apartment cooperative will typically involved a corporation renting apartments to people who are also owners of stock in the corporation. The apartment complex is owned by the corporation.


Two basic documents are ordinarily involved in the transfer of a member's or stockholder's interest in a cooperative apartment corporation: (1) an agreement for the purchase and sale of the proprietary lease and the appurtenant membership or stock; and (2) the instrument of assignment. Also, it is common to have an assumption by the Assignee of the liabilities under the Lease.


The agreement of purchase and sale is similar in format to an agreement for the sale of real property. The seller agrees to assign all rights under the proprietary lease covering the unit, and to sell the membership or stock in the corporation. The seller also agrees to procure the consent of the corporation to the transfer if this is required in the proprietary lease. The purchaser agrees to pay the purchase price and to submit references to the corporation and otherwise cooperate in procuring its consent to the transfer, and also promises to execute an agreement in a form approved by the corporation by which the purchaser assumes and agrees to be bound by all covenants and conditions of the proprietary lease.

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FAQ

Also known as occupancy agreements, proprietary leases stake out the rights and responsibilities of shareholders and the cooperative corporation's board of directors. For example, most of the units in New York City form co-ops.

Each co-op owner either holds shares in the association just like owning shares in any other corporation or, if there are no shares, has what is known as a proprietary lease. That lease spells out the rights and responsibilities of the owner, as well as the obligations and duties of the association.

A proprietary lease, also referred to as an occupancy agreement, gives a shareholder in a housing cooperative the right to occupy a particular dwelling unit. Homebuyers who join a co-op are purchasing shares in a corporation rather than acquiring real estate.

What is a proprietary lease? A proprietary lease, also referred to as an occupancy agreement, gives a shareholder in a housing cooperative the right to occupy a particular dwelling unit. Homebuyers who join a co-op are purchasing shares in a corporation rather than acquiring real estate.

Assignment of Proprietary Lease means the specific agreement creating a first lien on and pledge of the Co-op Shares and the appurtenant Proprietary Lease securing a Co-op Loan.

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Sample Proprietary Lease For Co-op