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 Florida Agreement for Purchase and Sale of Rights to Cooperative Apartment is a legally binding document used in real estate transactions specific to cooperative apartments in the state of Florida. It outlines the terms and conditions under which the seller agrees to transfer the rights of ownership to the buyer. This agreement typically includes essential details such as the legal description of the cooperative apartment, purchase price, earnest money deposit, financing terms, and closing date. It also addresses contingencies, disclosures, and any additional provisions negotiated by the parties involved. Keywords: Florida Agreement for Purchase, Sale of Rights, Cooperative Apartment, real estate transactions, terms and conditions, seller, buyer, transfer of ownership, legal description, purchase price, earnest money deposit, financing terms, closing date, contingencies, disclosures, additional provisions. Different types of Florida Agreements for Purchase and Sale of Rights to Cooperative Apartments may include: 1. Standard Florida Agreement for Purchase and Sale of Rights to Cooperative Apartment: This is the most common type of agreement used in cooperative apartment transactions in Florida. It covers the general terms and conditions applicable to most residential cooperative properties in the state. 2. Customized Florida Agreement for Purchase and Sale of Rights to Cooperative Apartment: In certain cases, parties may negotiate and include specific provisions tailored to their unique requirements. This allows for flexibility and customization based on the specific cooperative apartment being sold. 3. As-Is Florida Agreement for Purchase and Sale of Rights to Cooperative Apartment: This type of agreement specifies that the property is being sold in its present condition, and the seller is not responsible for any repairs or improvements. It releases the seller from liability for any defects or issues found in the cooperative apartment after the sale. 4. Cash Sale Florida Agreement for Purchase and Sale of Rights to Cooperative Apartment: This agreement is used when the buyer intends to purchase the cooperative apartment using available cash funds without the need for financing or a mortgage. 5. Contingent Sale Florida Agreement for Purchase and Sale of Rights to Cooperative Apartment: This agreement includes specific contingencies or conditions that must be met before the sale can be completed. Common contingencies may involve obtaining mortgage financing approvals, satisfactory inspections, or appraisal reports. Overall, the Florida Agreement for Purchase and Sale of Rights to Cooperative Apartment is a crucial legal document that protects the rights and interests of both the buyer and seller in cooperative apartment transactions in Florida. It ensures that all parties adhere to the agreed-upon terms and conditions and provides a clear framework for a successful sale.The Florida Agreement for Purchase and Sale of Rights to Cooperative Apartment is a legally binding document used in real estate transactions specific to cooperative apartments in the state of Florida. It outlines the terms and conditions under which the seller agrees to transfer the rights of ownership to the buyer. This agreement typically includes essential details such as the legal description of the cooperative apartment, purchase price, earnest money deposit, financing terms, and closing date. It also addresses contingencies, disclosures, and any additional provisions negotiated by the parties involved. Keywords: Florida Agreement for Purchase, Sale of Rights, Cooperative Apartment, real estate transactions, terms and conditions, seller, buyer, transfer of ownership, legal description, purchase price, earnest money deposit, financing terms, closing date, contingencies, disclosures, additional provisions. Different types of Florida Agreements for Purchase and Sale of Rights to Cooperative Apartments may include: 1. Standard Florida Agreement for Purchase and Sale of Rights to Cooperative Apartment: This is the most common type of agreement used in cooperative apartment transactions in Florida. It covers the general terms and conditions applicable to most residential cooperative properties in the state. 2. Customized Florida Agreement for Purchase and Sale of Rights to Cooperative Apartment: In certain cases, parties may negotiate and include specific provisions tailored to their unique requirements. This allows for flexibility and customization based on the specific cooperative apartment being sold. 3. As-Is Florida Agreement for Purchase and Sale of Rights to Cooperative Apartment: This type of agreement specifies that the property is being sold in its present condition, and the seller is not responsible for any repairs or improvements. It releases the seller from liability for any defects or issues found in the cooperative apartment after the sale. 4. Cash Sale Florida Agreement for Purchase and Sale of Rights to Cooperative Apartment: This agreement is used when the buyer intends to purchase the cooperative apartment using available cash funds without the need for financing or a mortgage. 5. Contingent Sale Florida Agreement for Purchase and Sale of Rights to Cooperative Apartment: This agreement includes specific contingencies or conditions that must be met before the sale can be completed. Common contingencies may involve obtaining mortgage financing approvals, satisfactory inspections, or appraisal reports. Overall, the Florida Agreement for Purchase and Sale of Rights to Cooperative Apartment is a crucial legal document that protects the rights and interests of both the buyer and seller in cooperative apartment transactions in Florida. It ensures that all parties adhere to the agreed-upon terms and conditions and provides a clear framework for a successful sale.
