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Who uses a proprietary lease?

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.

What is a proprietary lessee?

Proprietary lessee means a person that owns a cooperative interest, other than as security for an obligation, and the declarant with respect to cooperative interests or potential cooperative interests to which allocated interests have been allocated pursuant to 55.1-2118 until that.

What is a memorandum of proprietary lease?

A memorandum of lease is a recordable instrument that is used to alert third partiessuch as lenders, other tenants of the property, and prospective buyersthat there is a leasehold interest encumbering a piece of real property.

What is the definition of proprietary lease?

A proprietary lease is an agreement that grants shareholders in a co-op the right to live in a particular apartment space. Also known as occupancy agreements, proprietary leases stake out the rights and responsibilities of shareholders and the cooperative corporations board of directors.

What is a proprietary lessee?

Proprietary lessee means a person that owns a cooperative interest, other than as security for an obligation, and the declarant with respect to cooperative interests or potential cooperative interests to which allocated interests have been allocated pursuant to 55.1-2118 until that.

proprietary lease definition

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Who uses a proprietary lease?

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.

Which form of ownership receives a proprietary lease?

Owning shares gets you a proprietary lease, which is a form of a residential lease. That means landlord-tenant law will govern the relationship between shareholders like yourself and the co-op.

What is an example of a proprietary lease?

Proprietary lease example One of the things a proprietary lease governs is who is responsible for fixing problems within a co-op building. For example, if you own a co-op and a pipe bursts inside your bathroom wall, it is generally the co-ops responsibility to open the wall and fix the pipe.

Who uses a proprietary lease?

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.

What are proprietary forms in real estate?

A proprietary lease resembles rent. This lease is a contract in itself that is compiled and signed between a corporation and a homebuyer. A homebuyer will receive it who joins a housing cooperative as shares in that corporation.

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