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proprietary lease

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proprietary lease

In a cooperative apartment, residents buy shares of stock in a corporation that owns the apartment building.They then rent a particular unit from the corporation, under a document called a proprietary lease.



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Each shareholder receives stock in the corporation and a proprietary lease for his or her home.
com was recently chosen by the National Apartment Association (NAA) to provide its membership of 24,000 IROs with RentNow, which also includes access to filling out NAA's proprietary lease forms.
 
 
 
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