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Click ‘Get Form’ to open the proprietary lease in the editor.
Begin by filling in the name of the Assignee and their address in the designated fields. Ensure accuracy as this information is crucial for identification.
Next, enter the date of the Assignment and the name and address of the Assignor. This establishes a clear connection between all parties involved.
In the section regarding the Corporation, input its name, state of incorporation, and principal office address. This identifies who is granting the lease.
Fill in details about the premises covered by the Lease, including its address and any specific name it may have. This clarifies what property is being leased.
Review and complete any additional covenants or conditions required under the Lease terms. Make sure to acknowledge your agreement to these terms.
Finally, ensure all signatures are collected from relevant parties including witnesses and a Notary Public if required. Use our platform’s signature feature for convenience.

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What is the difference between a lease and a proprietary lease?

The Proprietary Lease is the signed agreement between the corporation and its shareholder(s), which clearly spells out the obligations of each side in the relationship.

Who signs 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 a proprietary lease as evidence of ownership?

The Proprietary Lease entitles the Share owner(s) to occupy a specific apartment in the building, ing to the terms of the Proprietary Lease and the House Rules. The Lease, like any other rental agreement, does not signify ownership of the apartment.

What is the purpose of a proprietary lease?

Unlike a regular lease, which gives a tenant the right to occupy a residence for a specified period, a proprietary lease gives a tenant the right to occupy a unit for as long as they own shares in the corporation.

What is the meaning of 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. [Last reviewed in July of 2021 by the Wex Definitions Team ]

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