May 18 , 2016

Tampa School of Real Estate

Proprietary Lease

Definition:   a written lease in a cooperative apartment building, between the owner/corporation and the tenant/stockholder, in which the tenant receives the right to occupy a particular unit

Pronunciation:   \prə-ˈprī-ə-ˌter-ē\ \ˈlēs\

Used in a Sentence:   A proprietary lease entitles the purchaser to the right to occupy the unit.