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.
Allegheny Pennsylvania Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document commonly used in real estate transactions in Allegheny County, Pennsylvania. This document grants permission for the assignment of a proprietary lease and membership in a corporation. The purpose of the Allegheny Pennsylvania Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is to ensure that all relevant parties involved in a real estate transaction agree to the transfer of rights and responsibilities associated with the proprietary lease and membership in a corporation. In Allegheny County, there are several types of Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership documents, which may include: 1. Residential Property Consent: This type of consent document is specifically designed for assignments of proprietary leases and membership of residential properties located within Allegheny County. 2. Commercial Property Consent: This specific consent document is used when the assignment of proprietary leases and membership involves commercial properties within Allegheny County. This could include office spaces, retail properties, or industrial spaces. 3. Mixed-Use Property Consent: In cases where a property has both residential and commercial components, a mixed-use property consent document is required. This type of consent ensures the proper transfer of rights and responsibilities within the context of a mixed-use property. The Allegheny Pennsylvania Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership usually includes the following key elements: 1. Parties Involved: The consent document identifies the corporation granting the consent, the assignor (the party transferring the proprietary lease and membership), and the assignee (the party receiving the rights). 2. Description of the Property: A detailed description of the property involved in the assignment, such as the address, unit number, and any relevant identifiers. 3. Terms and Conditions: The consent document outlines the terms and conditions of the assignment, including any restrictions or requirements imposed by the corporation. 4. Agreement and Acceptance: The document typically includes a section where all parties involved acknowledge and accept the terms of the assignment. 5. Signatures and Notarization: The consent document requires signatures from all relevant parties involved, including the corporate representative, assignor, and assignee. Notarization may also be necessary to ensure the document's legal validity. It is crucial to consult with legal professionals or authorized representatives when preparing or executing an Allegheny Pennsylvania Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership to ensure all legal requirements are met.Allegheny Pennsylvania Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document commonly used in real estate transactions in Allegheny County, Pennsylvania. This document grants permission for the assignment of a proprietary lease and membership in a corporation. The purpose of the Allegheny Pennsylvania Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is to ensure that all relevant parties involved in a real estate transaction agree to the transfer of rights and responsibilities associated with the proprietary lease and membership in a corporation. In Allegheny County, there are several types of Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership documents, which may include: 1. Residential Property Consent: This type of consent document is specifically designed for assignments of proprietary leases and membership of residential properties located within Allegheny County. 2. Commercial Property Consent: This specific consent document is used when the assignment of proprietary leases and membership involves commercial properties within Allegheny County. This could include office spaces, retail properties, or industrial spaces. 3. Mixed-Use Property Consent: In cases where a property has both residential and commercial components, a mixed-use property consent document is required. This type of consent ensures the proper transfer of rights and responsibilities within the context of a mixed-use property. The Allegheny Pennsylvania Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership usually includes the following key elements: 1. Parties Involved: The consent document identifies the corporation granting the consent, the assignor (the party transferring the proprietary lease and membership), and the assignee (the party receiving the rights). 2. Description of the Property: A detailed description of the property involved in the assignment, such as the address, unit number, and any relevant identifiers. 3. Terms and Conditions: The consent document outlines the terms and conditions of the assignment, including any restrictions or requirements imposed by the corporation. 4. Agreement and Acceptance: The document typically includes a section where all parties involved acknowledge and accept the terms of the assignment. 5. Signatures and Notarization: The consent document requires signatures from all relevant parties involved, including the corporate representative, assignor, and assignee. Notarization may also be necessary to ensure the document's legal validity. It is crucial to consult with legal professionals or authorized representatives when preparing or executing an Allegheny Pennsylvania Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership to ensure all legal requirements are met.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
