WebbProprietary Lease. A lease given by the corporation that owns a cooperative apartment building to the shareholder for the shareholder’s right as a tenant to an individual … WebbJohnny Kaiser, Real Estate Agent Ion Realty In general terms, a licensee means a person or legal entity who has received authorization or permission to perform a particular activity through another party (the licensor in our case.) As a consequence, the licensee has certain obligations to meet.
Stock Cooperatives - Davis-Stirling
Webb17 juli 2015 · Now that we know what the purchaser is actually buying, we can make the next step towards your bank and what they are entitled to. At the closing, the bank will receive the original stock certificate and Proprietary Lease, to hold onto until such time as the apartment is sold, or the loan is paid off (whichever comes first). WebbFrom time to time a cooperative is informed by a shareholder that he or she cannot locate an original stock certificate or proprietary lease for the shareholder’s apartment and a request is made for delivery of a replacement certificate and lease. When a lender has lost the documents (an all-too-common occurrence), the lender will be asked to ... red flags and green flags in recovery
Condo vs. co-op: Know the differences before buying one
Webb4 feb. 2024 · A proprietary lease is also called an occupancy agreement. It establishes a contractual relationship between a co-op and shareholder, outlining co-op bylaws and … Webb11 feb. 2010 · Condos are managed by unit owners associations which manage the improvements for which they are responsible, i.e., the land and the common purpose facilities. Some co-ops are similarly managed by associations. In others, the co-operative corporation itself manages the land, and improvements it owns. Both condo and co-op … Webb"Real estate" means any leasehold or other estate or interest in, over, or under land, including structures, fixtures, and other improvements and interests that, by custom, usage, or law, pass with a conveyance of land though not described in the contract of sale or instrument of conveyance. red flags after head injury