Property Ownership
What is a 'proprietary lease' in the context of a New York co-op?
AA lease signed by the property owner for commercial tenants
BThe agreement between the co-op corporation and a shareholder granting the right to occupy a specific unit✓ Correct
CA government-regulated lease for affordable housing
DA lease that transfers ownership rights to the tenant
Explanation
A proprietary lease is the agreement between the co-op corporation and a shareholder that grants the shareholder the right to occupy a specific apartment unit in exchange for the payment of maintenance fees.
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