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 Missouri Agreement for Purchase and Sale of Rights to Cooperative Apartment is a legally binding document that outlines the terms and conditions of buying or selling the rights to a cooperative apartment in the state of Missouri. This agreement is specific to cooperative apartments, which differ from traditional condominiums or rental properties. Keywords: Missouri Agreement, Purchase and Sale, Rights, Cooperative Apartment, Terms and Conditions, Buying, Selling, Cooperative Apartments. There are various types of Missouri Agreements for Purchase and Sale of Rights to Cooperative Apartments, including: 1. Standard Agreement: This is the most common type of agreement used in Missouri for the purchase and sale of cooperative apartment rights. It includes general provisions and clauses that cover the essential aspects of the transaction, such as purchase price, payment terms, and closing details. 2. Financing Contingency Agreement: This type of agreement includes additional provisions to protect the buyer in case they are unable to secure financing for the purchase of the cooperative apartment. It allows the buyer to back out of the agreement without any penalty if they are unable to secure the necessary funds. 3. Co-op Board Approval Agreement: Cooperative apartments typically require board approval before a sale can be finalized. This agreement includes specific provisions related to the buyer's successful approval by the co-op board. It may outline the buyer's obligations, timelines, and any necessary documentation required for board consideration. 4. As-Is Agreement: This type of agreement is used when the cooperative apartment is sold in its current condition, with no warranties or guarantees. It protects the seller from any future claims or liabilities related to the condition of the apartment, putting the responsibility on the buyer to perform thorough inspections before finalizing the purchase. 5. Leasehold Agreement: In some cases, cooperative apartments may operate under a leasehold structure, where the buyer purchases the rights to lease the apartment for a specific duration. This agreement outlines the terms and conditions of the leasehold, including lease duration, rental payments, and any restrictions or obligations for the lessee. In conclusion, the Missouri Agreement for Purchase and Sale of Rights to Cooperative Apartment is a comprehensive legal document that facilitates the purchase or sale of cooperative apartment rights in the state of Missouri. Several types of agreements cater to different circumstances, such as financing contingencies, board approval requirements, selling "as is," and leasehold arrangements. It is crucial for buyers and sellers to understand and carefully review these agreements to ensure a smooth and legally compliant transaction.
