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 Hawaii Agreement for Purchase and Sale of Rights to Cooperative Apartment is a legal document that outlines the terms and conditions governing the transfer of rights to a cooperative apartment in Hawaii. This agreement is specific to cooperative housing arrangements and ensures that both the buyer and seller understand their rights and responsibilities during the transaction. Keywords: Hawaii, agreement, purchase and sale, rights, cooperative apartment. In Hawaii, there are different types of agreements for the purchase and sale of rights to cooperative apartments based on the specific terms and conditions agreed upon by the parties involved. Some common types include: 1. Standard Hawaii Agreement for Purchase and Sale of Rights to Cooperative Apartment: This is a comprehensive agreement that covers all aspects of the transaction, including the purchase price, deposit, financing, closing date, and contingencies. 2. Hawaii Agreement for Purchase and Sale of Rights to Cooperative Apartment with Financing Contingency: This type of agreement includes a provision that allows the buyer to terminate the contract if they are unable to secure financing for the purchase of the cooperative apartment. 3. Hawaii Agreement for Purchase and Sale of Rights to Cooperative Apartment with Inspection Contingency: This agreement includes an inspection contingency provision, allowing the buyer to conduct a professional inspection of the cooperative apartment and negotiate repairs or credits based on its findings. 4. Hawaii Agreement for Purchase and Sale of Rights to Cooperative Apartment with Contingency for Co-op Board Approval: In cooperative housing, the board of directors or management must approve the buyer as a member of the cooperative community. This agreement includes a contingency that makes the purchase contingent upon the buyer receiving the necessary board approval. 5. Hawaii Agreement for Purchase and Sale of Rights to Cooperative Apartment As-Is: In this type of agreement, the seller sells the cooperative apartment in its current condition, without making any repairs or warranties. The buyer accepts the apartment 'as-is' and takes on the responsibility for any necessary repairs or improvements. These are just a few examples of the different types of Hawaii Agreement for Purchase and Sale of Rights to Cooperative Apartment. Depending on the specific circumstances and the negotiation between the parties involved, there may be other variations or specific provisions included to address unique situations. It is important to consult with a real estate attorney or professional to ensure that the agreement accurately reflects the intentions and protects the rights of both buyer and seller.The Hawaii Agreement for Purchase and Sale of Rights to Cooperative Apartment is a legal document that outlines the terms and conditions governing the transfer of rights to a cooperative apartment in Hawaii. This agreement is specific to cooperative housing arrangements and ensures that both the buyer and seller understand their rights and responsibilities during the transaction. Keywords: Hawaii, agreement, purchase and sale, rights, cooperative apartment. In Hawaii, there are different types of agreements for the purchase and sale of rights to cooperative apartments based on the specific terms and conditions agreed upon by the parties involved. Some common types include: 1. Standard Hawaii Agreement for Purchase and Sale of Rights to Cooperative Apartment: This is a comprehensive agreement that covers all aspects of the transaction, including the purchase price, deposit, financing, closing date, and contingencies. 2. Hawaii Agreement for Purchase and Sale of Rights to Cooperative Apartment with Financing Contingency: This type of agreement includes a provision that allows the buyer to terminate the contract if they are unable to secure financing for the purchase of the cooperative apartment. 3. Hawaii Agreement for Purchase and Sale of Rights to Cooperative Apartment with Inspection Contingency: This agreement includes an inspection contingency provision, allowing the buyer to conduct a professional inspection of the cooperative apartment and negotiate repairs or credits based on its findings. 4. Hawaii Agreement for Purchase and Sale of Rights to Cooperative Apartment with Contingency for Co-op Board Approval: In cooperative housing, the board of directors or management must approve the buyer as a member of the cooperative community. This agreement includes a contingency that makes the purchase contingent upon the buyer receiving the necessary board approval. 5. Hawaii Agreement for Purchase and Sale of Rights to Cooperative Apartment As-Is: In this type of agreement, the seller sells the cooperative apartment in its current condition, without making any repairs or warranties. The buyer accepts the apartment 'as-is' and takes on the responsibility for any necessary repairs or improvements. These are just a few examples of the different types of Hawaii Agreement for Purchase and Sale of Rights to Cooperative Apartment. Depending on the specific circumstances and the negotiation between the parties involved, there may be other variations or specific provisions included to address unique situations. It is important to consult with a real estate attorney or professional to ensure that the agreement accurately reflects the intentions and protects the rights of both buyer and seller.
