Michigan Lease of Dwelling Unit of Cooperative Housing Corporation by Stockholder of Lessor
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How to fill out Lease Of Dwelling Unit Of Cooperative Housing Corporation By Stockholder Of Lessor?
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FAQ
A proprietary lease is an agreement that grants shareholders in a co-op the right to live in a particular apartment space. Also known as occupancy agreements, proprietary leases stake out the rights and responsibilities of shareholders and the cooperative corporation's board of directors.
Stock cooperative means an apartment development in which an undivided interest in the land is coupled with the right of exclusive occupancy of an apartment in the development. For the purposes of these regu- lations, stock cooperatives will be subject to the same requirements as condominiums.
A proprietary lease, also referred to as an occupancy agreement, gives a shareholder in a housing cooperative the right to occupy a particular dwelling unit. Homebuyers who join a co-op are purchasing shares in a corporation rather than acquiring real estate.
Mutual housing co-ops are a unique form of social housing because they provide low-rent homes for people with secure tenancies. The tenants also collectively own and manage their homes. Co-operative tenant members are landlords AND tenants.
Why is a co-op lease called a proprietary lease? There are extensive management requirements. The lease has a fixed rent.
Proprietary Lease. A lease given by a corporation to another. It is often used in a co-op context, where the owner is given a certain number of shares in the co-op, along with a proprietary lease for one of the residences in the building. Maintenance.
A proprietary lease is an agreement that grants shareholders in a co-op the right to live in a particular apartment space. Also known as occupancy agreements, proprietary leases stake out the rights and responsibilities of shareholders and the cooperative corporation's board of directors.
Each co-op owner either holds shares in the association just like owning shares in any other corporation or, if there are no shares, has what is known as a proprietary lease. That lease spells out the rights and responsibilities of the owner, as well as the obligations and duties of the association.
What is a proprietary lease? A proprietary lease, also referred to as an occupancy agreement, gives a shareholder in a housing cooperative the right to occupy a particular dwelling unit. Homebuyers who join a co-op are purchasing shares in a corporation rather than acquiring real estate.