What is a Proprietary Lease in New York? - Natalia A. Sishodia

BSPE Legal Marketing Podcast

From Sishodia PLLC - Discover the intricacies of co-op living in our latest podcast episode, "What is a Proprietary Lease in New York?" Join us as we delve into the essential legal document that defines the rights and responsibilities of co-op shareholders. We'll explore the unique nature of proprietary leases, which blend elements of both leases and deeds, and explain how these documents grant ownership rights while imposing rules established by the co-op board.

In this episode, we emphasize the crucial role of an NYC real estate attorney in navigating the complexities of purchasing a co-op apartment. Our discussion covers the importance of understanding the legal framework surrounding proprietary leases, including relevant statutes like the New York Business Corporation Law (BCL) and key case law such as Levandusky v. One Fifth Avenue Apt. Corp. You'll gain insights into how these legal sources shape the responsibilities and rights of tenant/shareholders in cooperative buildings.

We'll also break down the practical aspects of a proprietary lease, from monthly maintenance payments and repair procedures to subletting rights and termination conditions. Learn about the critical components of a lease agreement and how they impact your living situation. Understand the significance of stock certificates and the implications of lease expiration for both shareholders and the co-op corporation.

Finally, we highlight the vital support that Sishodia PLLC can provide during the co-op purchase process. Whether it's reviewing subletting policies or ensuring compliance with maintenance rules, our team is here to assist. Tune in to understand how a proprietary lease shapes co-op living and why consulting with a skilled NYC real estate attorney is essential to protect your rights and investments.
Sishodia PLLC | Real Estate Attorney and Estate Planning Lawyer
600 3rd Ave 2nd floor, New York, NY 10016, United States
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