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.
Michigan Agreement for Purchase and Sale of Rights to Cooperative Apartment is a legal document that outlines the terms and conditions for the purchase and sale of rights to a cooperative apartment in the state of Michigan. This agreement serves as a binding contract between the buyer and seller, establishing their respective rights, obligations, and responsibilities. The Michigan Agreement for Purchase and Sale of Rights to Cooperative Apartment typically includes key details such as the names and addresses of the buyer and seller, a description of the cooperative apartment unit being sold, the purchase price, and any additional terms and conditions agreed upon by both parties. Keywords: Michigan, agreement, purchase and sale, rights, cooperative apartment, legal document, terms and conditions, buyer, seller, binding contract, obligations, responsibilities, names, addresses, cooperative apartment unit, purchase price, terms, additional conditions. There might be different types of Michigan Agreement for Purchase and Sale of Rights to Cooperative Apartment based on specific circumstances or variations in the agreement. Some examples include: 1. Standard Agreement: This is a general form of the agreement that covers the standard terms and conditions for the purchase and sale of cooperative apartment rights. It is typically used when there are no specific provisions or unique considerations involved. 2. Customized Agreement: In certain cases, buyers and sellers may need to customize the agreement to address specific requirements or concerns. This type of agreement includes additional clauses or provisions tailored to the unique circumstances of the transaction. 3. As-Is Agreement: When a cooperative apartment is being sold in its current condition, without any warranties or guarantees from the seller, an As-Is Agreement is used. This agreement clearly states that the buyer accepts the property in its present state and assumes any existing defects or issues. 4. Contingency Agreement: In some situations, the purchase of a cooperative apartment may be contingent upon certain conditions being met. A Contingency Agreement outlines these conditions, such as the buyer obtaining financing or the successful resolution of certain inspections or assessments. Keywords: types, standard agreement, customized agreement, as-is agreement, contingency agreement, unique circumstances, requirements, conditions, warranties, guarantees, current condition, defects, issues, financing, inspections, assessments.Michigan Agreement for Purchase and Sale of Rights to Cooperative Apartment is a legal document that outlines the terms and conditions for the purchase and sale of rights to a cooperative apartment in the state of Michigan. This agreement serves as a binding contract between the buyer and seller, establishing their respective rights, obligations, and responsibilities. The Michigan Agreement for Purchase and Sale of Rights to Cooperative Apartment typically includes key details such as the names and addresses of the buyer and seller, a description of the cooperative apartment unit being sold, the purchase price, and any additional terms and conditions agreed upon by both parties. Keywords: Michigan, agreement, purchase and sale, rights, cooperative apartment, legal document, terms and conditions, buyer, seller, binding contract, obligations, responsibilities, names, addresses, cooperative apartment unit, purchase price, terms, additional conditions. There might be different types of Michigan Agreement for Purchase and Sale of Rights to Cooperative Apartment based on specific circumstances or variations in the agreement. Some examples include: 1. Standard Agreement: This is a general form of the agreement that covers the standard terms and conditions for the purchase and sale of cooperative apartment rights. It is typically used when there are no specific provisions or unique considerations involved. 2. Customized Agreement: In certain cases, buyers and sellers may need to customize the agreement to address specific requirements or concerns. This type of agreement includes additional clauses or provisions tailored to the unique circumstances of the transaction. 3. As-Is Agreement: When a cooperative apartment is being sold in its current condition, without any warranties or guarantees from the seller, an As-Is Agreement is used. This agreement clearly states that the buyer accepts the property in its present state and assumes any existing defects or issues. 4. Contingency Agreement: In some situations, the purchase of a cooperative apartment may be contingent upon certain conditions being met. A Contingency Agreement outlines these conditions, such as the buyer obtaining financing or the successful resolution of certain inspections or assessments. Keywords: types, standard agreement, customized agreement, as-is agreement, contingency agreement, unique circumstances, requirements, conditions, warranties, guarantees, current condition, defects, issues, financing, inspections, assessments.
