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 modifiera 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.
verb
NZ
Place (a block of flats or townhouses) in joint ownership, with each unit leased from the group as a whole, usually as a way of bypassing planning restrictions.
decisions require the unanimous support of all owners where the properties are cross-leased