Proprietarylease
Barron's Real Estate Dictionary:
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Proprietarylease
In a cooperative apartment building, the lease a corporation provides to the stockholders that allows them to use a certain apartment unit under the conditions specified.
Example: The Coopers purchase a unit in a cooperative on Fifth Avenue. Their ownership provides 450 shares of stock in the cooperative and a proprietary lease to a unit in the apartment building.
Example: The Coopers purchase a unit in a cooperative on Fifth Avenue. Their ownership provides 450 shares of stock in the cooperative and a proprietary lease to a unit in the apartment building.
| Proportionaltaxation, Propertymanagement | |
| Proprietorship, Prorate |
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Barron's Real Estate Dictionary
Dictionary of Real Estate Terms. Copyright © 2008 by Barron's Educational Series, Inc. All rights reserved.
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