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.
Queens, New York is one of the five boroughs of New York City, located on Long Island. It is known for its diverse communities, vibrant neighborhoods, and rich culture. In the real estate sector, Queens offers a wide range of residential and commercial properties, including cooperative housing developments. A Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document often required in cooperative housing transactions in Queens, New York. When a shareholder in a cooperative housing corporation decides to sell their unit, they must assign their proprietary lease to the potential buyer. This process involves obtaining consent and approval from the cooperative corporation and its board of directors. The Consent of Corporation to Assignment of Proprietary Lease ensures that the cooperative corporation, as the landlord, provides its consent to transfer the leasehold interest from the selling shareholder to the purchaser. Additionally, it verifies that the purchaser meets the membership requirements and will become a member of the cooperative housing corporation upon completion of the transaction. Different types of Queens, New York Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership may include: 1. Residential Proprietary Lease Assignment: This type of consent is required when a shareholder of a residential cooperative housing unit in Queens intends to assign their proprietary lease to a potential buyer who meets the membership criteria. 2. Commercial Proprietary Lease Assignment: In some cases, cooperative corporations in Queens may have commercial units within their properties. When a shareholder intends to sell or assign their commercial proprietary lease to another party, they need to obtain the corporation's consent. 3. Sublet Proprietary Lease Assignment: Cooperative housing corporations in Queens usually have provisions regarding subletting units. If a shareholder wishes to sublet their unit and assign the proprietary lease to a subtenant, a Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership might be necessary. In summary, Queens, New York is a dynamic borough of New York City known for its cultural diversity. The Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a vital legal document required in cooperative housing transactions within Queens. It ensures that the cooperative corporation provides its consent to transfer the proprietary lease and verifies that the potential buyer fulfills the membership criteria. Different types of consent may be necessary depending on the nature of the property transaction (residential, commercial, or sublet).Queens, New York is one of the five boroughs of New York City, located on Long Island. It is known for its diverse communities, vibrant neighborhoods, and rich culture. In the real estate sector, Queens offers a wide range of residential and commercial properties, including cooperative housing developments. A Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document often required in cooperative housing transactions in Queens, New York. When a shareholder in a cooperative housing corporation decides to sell their unit, they must assign their proprietary lease to the potential buyer. This process involves obtaining consent and approval from the cooperative corporation and its board of directors. The Consent of Corporation to Assignment of Proprietary Lease ensures that the cooperative corporation, as the landlord, provides its consent to transfer the leasehold interest from the selling shareholder to the purchaser. Additionally, it verifies that the purchaser meets the membership requirements and will become a member of the cooperative housing corporation upon completion of the transaction. Different types of Queens, New York Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership may include: 1. Residential Proprietary Lease Assignment: This type of consent is required when a shareholder of a residential cooperative housing unit in Queens intends to assign their proprietary lease to a potential buyer who meets the membership criteria. 2. Commercial Proprietary Lease Assignment: In some cases, cooperative corporations in Queens may have commercial units within their properties. When a shareholder intends to sell or assign their commercial proprietary lease to another party, they need to obtain the corporation's consent. 3. Sublet Proprietary Lease Assignment: Cooperative housing corporations in Queens usually have provisions regarding subletting units. If a shareholder wishes to sublet their unit and assign the proprietary lease to a subtenant, a Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership might be necessary. In summary, Queens, New York is a dynamic borough of New York City known for its cultural diversity. The Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a vital legal document required in cooperative housing transactions within Queens. It ensures that the cooperative corporation provides its consent to transfer the proprietary lease and verifies that the potential buyer fulfills the membership criteria. Different types of consent may be necessary depending on the nature of the property transaction (residential, commercial, or sublet).
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.
