A contract by which a block of flats or townhouses is held in joint ownership, with each unit leased from the group as a whole, usually as a way of bypassing planning restrictions.
many cross leases were created with buildings of different ages
as modifier a cross lease property
Example sentencesExamples
- The cheapest property to sell in Auckland was a three bedroom, weatherboard home on a cross-leased section in the west Auckland suburb of Kelston.
- In 1982, he cross-leased a section and built a townhouse on the front.
- It's being marketed as a "vacant site for your grand design" on a 374sq m half share of a cross-leased plot.
- Plans to cross-lease and further develop the neighbouring land were well advanced.
- They applied for consent to cross-lease the two dwellings.
- There are very few homes cross-leased or subdivided in Westmere.
- It had two bathrooms and a single garage and was on a cross-leased section.
- The plaintiffs and defendants had cross-leased apartments on Minehaha Avenue, Takapuna.
- It was subject to tight building restrictions because it was on a cross-leased site.
- This was conditional on the vendor obtaining a new title for the property, the property being cross-leased.