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.
The Colorado Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that outlines the transfer of rights and responsibilities associated with a cooperative apartment unit and membership in a cooperative housing association in Colorado. This agreement is crucial for individuals or entities who wish to assign or transfer their rights in a cooperative apartment to another party. Keywords: Colorado, Agreement, Assign Proprietary Lease, Cooperative Apartment, Membership. There are different types of Colorado Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership, which may include: 1. Individual Assignment: This type of agreement is used when an individual owner of a cooperative apartment wishes to transfer their rights to another individual. 2. Corporate Assignment: When a cooperative apartment is owned by a corporation, this type of agreement is utilized to assign the proprietary lease and membership to another corporation. 3. Partnership Assignment: In the case of a cooperative apartment owned by a partnership, this agreement can be used to transfer the proprietary lease and membership to another partnership. 4. Assignee Agreement: This form of agreement is signed by the assignee, who is assuming the rights and obligations of the assignor. It outlines the responsibilities and terms of the assignment. 5. Sublease Assignment: If an existing tenant desires to sublease their cooperative apartment to another individual, this agreement can be used to assign the proprietary lease and membership to the sublessee. In all types of Colorado Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership, certain key provisions must be included. These provisions may include details about the cooperative association, identification of the assignor and assignee, the effective date of the assignment, the obligations and responsibilities of the assignor and assignee, any restrictions or conditions on the assignment, and the signatures of both parties. It is important for all parties involved to carefully review and understand the terms of the agreement before signing. Consulting with an attorney who specializes in real estate law is recommended to ensure that all legal requirements and obligations are met.The Colorado Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that outlines the transfer of rights and responsibilities associated with a cooperative apartment unit and membership in a cooperative housing association in Colorado. This agreement is crucial for individuals or entities who wish to assign or transfer their rights in a cooperative apartment to another party. Keywords: Colorado, Agreement, Assign Proprietary Lease, Cooperative Apartment, Membership. There are different types of Colorado Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership, which may include: 1. Individual Assignment: This type of agreement is used when an individual owner of a cooperative apartment wishes to transfer their rights to another individual. 2. Corporate Assignment: When a cooperative apartment is owned by a corporation, this type of agreement is utilized to assign the proprietary lease and membership to another corporation. 3. Partnership Assignment: In the case of a cooperative apartment owned by a partnership, this agreement can be used to transfer the proprietary lease and membership to another partnership. 4. Assignee Agreement: This form of agreement is signed by the assignee, who is assuming the rights and obligations of the assignor. It outlines the responsibilities and terms of the assignment. 5. Sublease Assignment: If an existing tenant desires to sublease their cooperative apartment to another individual, this agreement can be used to assign the proprietary lease and membership to the sublessee. In all types of Colorado Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership, certain key provisions must be included. These provisions may include details about the cooperative association, identification of the assignor and assignee, the effective date of the assignment, the obligations and responsibilities of the assignor and assignee, any restrictions or conditions on the assignment, and the signatures of both parties. It is important for all parties involved to carefully review and understand the terms of the agreement before signing. Consulting with an attorney who specializes in real estate law is recommended to ensure that all legal requirements and obligations are met.
