Proprietary Lease
The proprietary lease is the lease under which the shareholder-tenant is entitled to occupy the apartment associated with their shares. It functions as an occupancy contract and is a core co-op document reviewed in transactions and governance.
- Where it applies
- NYS / NYC
- When it comes up
- Diligence; board approval; closing
- Property types
- Co-ops
Read more in the Knowledge Base
- Sublet Policy Analysis - Evaluating a Co-op's Rental FlexibilityBuyers
- Selling a Mitchell-Lama Apartment in NYC: Confirm the Transfer Path FirstSellers
- Should I Sell or Rent Out My NYC Apartment?Sellers
- Selling a Condop in NYC: Hybrid Structure, Board Rules, and Buyer ConfusionSellers
- Sponsor Sales: Offering-Plan Obligations and Building-Specific RightsSellers
Co-op Governance
- Co-op Board (Board of Directors)
- Cooperative Corporation (Co-op)
- Flip Tax (Co-op Transfer Fee)
- Maintenance (Co-op)
- Offering Plan (Co-op/Condo Sponsor Sales)
- Real Estate Finance Oversight
- Resale (Co-op/Condo)
- Shares (Co-op)
- Sponsor (Co-op/Condo)
General information, not legal, tax or financial advice.