Proprietary Lease

Property Report Reading Proprietary Lease 1 minute Next Prorate

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.

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