Proprietary Lease

Definition: A proprietary lease grants a cooperative owner or shareholder the right to occupy a specified unit under the cooperative arrangement.

Example

A buyer's cooperative ownership interest is accompanied by a lease identifying the apartment the buyer may occupy.

Keep the distinction clear

The lease works with the cooperative ownership interest. It is not a deed conveying an individually owned condominium unit.

Related terms

Cooperative (Co-op) · Lease · Lessee

Keep studying

Freehold vs. Leasehold Estates: How to Tell Them Apart

References: Florida Statutes 719.103: cooperative definitions

Pronunciation (US): pruh-PRY-uh-tair-ee LEES (capitals show stress)

Pronunciation reference: Merriam-Webster