An apartment cooperative will typically involved a corporation renting apartments to people who are also owners of stock in the corporation. The apartment complex is owned by the corporation.
Two basic documents are ordinarily involved in the transfer of a member's or stockholder's interest in a cooperative apartment corporation: (1) an agreement for the purchase and sale of the proprietary lease and the appurtenant membership or stock; and (2) the instrument of assignment.
The agreement of purchase and sale is similar in format to an agreement for the sale of real property. The seller agrees to assign all rights under the proprietary lease covering the unit, and to sell the membership or stock in the corporation. The seller also agrees to procure the consent of the corporation to the transfer if this is required in the proprietary lease. The purchaser agrees to pay the purchase price and to submit references to the corporation and otherwise cooperate in procuring its consent to the transfer, and also promises to execute an agreement in a form approved by the corporation by which the purchaser assumes and agrees to be bound by all covenants and conditions of the proprietary lease.
The instrument of assignment does not differ materially from an ordinary assignment of a lease of real property, except that the assignor's interest in the membership or stock in the corporation is assigned together with interests under the proprietary lease. Ordinarily, the assignor declares that there are no liens or other claims outstanding against the lease or the shares to be assigned, that there are no undischarged bankruptcy proceedings or unsatisfied judgments or tax liens outstanding against the assignor, and that the assignor has full right and authority to assign the lease and shares.
New Hampshire Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that outlines the process of transferring the rights and responsibilities associated with a cooperative apartment and membership to a new party. This agreement serves as an essential tool for individuals or organizations involved in the cooperative housing sector in New Hampshire. Keywords: New Hampshire cooperative apartment, proprietary lease, membership transfer, legal document, cooperative housing sector. Different types of New Hampshire Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership could include: 1. Individual Assignment Agreement: This type of agreement is used when an individual co-op apartment owner wishes to transfer their lease and membership rights to another individual. 2. Corporate Assignment Agreement: Corporations or companies that own cooperative apartments may use this type of agreement when transferring their lease and membership to another corporation or company. 3. Sublease Assignment Agreement: In some cases, a co-op apartment owner might choose to sublease their property to another party. This agreement would outline the terms and conditions of the sublease and the subsequent transfer of the proprietary lease and membership. 4. Succession Assignment Agreement: When a co-op apartment owner passes away, their lease and membership rights can be transferred to a designated heir or beneficiary. This agreement ensures a smooth transition of ownership and membership within the cooperative. 5. Assignment Agreement with Vendor Financing: This type of agreement is used when the new party acquiring the cooperative apartment requires financing from the seller or a third-party vendor. The agreement would include terms regarding the payments, interest rates, and other financial details. It is important to note that these are general categories, and the specific terms and conditions within each agreement may vary depending on the parties involved, the cooperative's bylaws, and any additional agreements executed alongside the assignment. It is always advisable to consult with legal professionals familiar with cooperative housing laws in New Hampshire to ensure compliance and the protection of all parties' rights.
