What is a proprietary lease?
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.
What does a leasing assistant do?
The owners usually allow lease assistants to handle filling the properties with leasing tenants. A lease assistant is an individual who directly leases these properties out to people. The assistant is responsible for leasing the properties to trustworthy people.
What is graduated lease?
A graduated lease is an agreement under which a tenant and landlord agree to a periodic adjustment of monthly payments. For example, the agreement may reflect an increase in the tenant’s payments due to market conditions or an increase in the value of the leased property.
What is an index lease?
An index lease, also known as a variable lease, is a name for a type of clause in a lease agreement that’s often used in commercial real estate. Since commercial lease agreements are often much longer than residential leases, it’s common to negotiate periodic rental increases from the start.
What is full service lease?
Sometimes referred to as a “full-service lease” or a “gross lease,” the term “full-service gross lease” refers to a type of lease structure where the landlord is responsible for paying all of the operating costs related to running the property.
What is full-service lease?
Are there any restrictions on what you can do on a lease?
The lease may contain a clause which bans all alterations. It is important to know whether this ban applies to alterations in general or just structural alterations. For example, your lease may say, ‘ not to carry out any structural alterations or make any structural additions ’, which means you cannot carry out any structural alterations.
Is there an exit fee when buying a leasehold property?
If you are considering buying a leasehold property, particularly in a retirement development, you should ask your solicitor or conveyancer about the implications of any terms in the lease which allow an event fee or exit fee to be charged.
Who is responsible for the management of a leasehold property?
If the leaseholders have exercised their right to manage, a right-to-manage company ( RTM company) will be responsible for managing the building. If you need the landlord’s permission under the lease, for example, to carry out alterations, sublet or keep pets, you should ask the RTM company for this permission.
Is it necessary for a leaseholder to have a right of way?
It is clearly sometimes necessary for leaseholders to have rights over property they don’t own, otherwise they may find they are unable to access or use their own property. Your lease must provide you with a right of way for access.