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 Connecticut Agreement for Purchase and Sale of Rights to Cooperative Apartment is a legal document that outlines the terms and conditions of a transaction involving the purchase and sale of rights to a cooperative apartment in the state of Connecticut. This agreement serves as a binding contract between the buyer and the seller, establishing the rights, obligations, and responsibilities of each party. The agreement typically includes detailed information about the cooperative apartment, including its address, unit number, and any restrictions or limitations imposed by the cooperative association. It also outlines the purchase price, payment terms, and the agreed-upon closing date for the transaction. Different types or variations of the Connecticut Agreement for Purchase and Sale of Rights to Cooperative Apartment may exist depending on specific circumstances or requirements. Some of these variations could include: 1. Standard Connecticut Agreement for Purchase and Sale of Rights to Cooperative Apartment: This is the most common form used for the sale of cooperative apartments throughout Connecticut. It includes general provisions and clauses that cover the essential aspects of the transaction. 2. Customized Agreement for Purchase and Sale of Rights to Cooperative Apartment: In certain situations, buyers and sellers may have specific requirements or contingencies that need to be addressed in the contract. In such cases, a customized agreement can be drafted to include additional clauses or special conditions tailored to the unique circumstances of the transaction. 3. Agreement with Financing Contingency: If the buyer intends to secure financing for the purchase of the cooperative apartment, this type of agreement includes a contingency clause that allows the buyer to back out of the deal if they are unable to obtain the necessary financing within a specified timeframe. 4. Agreement with Renovation Allowance: In some cases, buyers may want to include a provision in the agreement that provides for an allowance or credit towards renovations or repairs needed in the cooperative apartment. This type of agreement would specify the terms and conditions regarding the renovation allowance and any associated obligations. 5. Agreement with Co-Buyer or Co-Seller: In situations where multiple individuals are involved in the purchase or sale of a cooperative apartment, an agreement can be modified to include provisions addressing the rights and responsibilities of co-buyers or co-sellers. This ensures that all parties are bound by the terms of the agreement and clarifies the obligations each party has towards the transaction. In summary, the Connecticut Agreement for Purchase and Sale of Rights to Cooperative Apartment is a comprehensive legal document that governs the purchase and sale of cooperative apartments in the state. Its purpose is to protect the rights and interests of both parties involved in the transaction, while also providing a framework for the smooth transfer of ownership.
