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.
Keywords: Montana Agreement for Purchase and Sale of Rights to Cooperative Apartment, types, detailed description: The Montana Agreement for Purchase and Sale of Rights to Cooperative Apartment is a legally binding document that governs the transfer of ownership rights to a cooperative apartment in the state of Montana, USA. This agreement outlines the terms and conditions agreed upon by both the buyer and the seller, ensuring a smooth and transparent transaction. In Montana, there are various types of agreements for the purchase and sale of rights to cooperative apartments. Some common types include: 1. Standard Montana Agreement for Purchase and Sale of Rights to Cooperative Apartment: This is the most frequently used type of agreement and covers the general terms and conditions of the transaction. It includes provisions regarding the purchase price, payment terms, closing procedures, and the transfer of ownership rights. Both the buyer and the seller must carefully review and agree upon the clauses mentioned in this standard agreement. 2. Montana Agreement for Purchase and Sale of Rights to Cooperative Apartment with Contingencies: This type of agreement includes additional clauses that allow either party to back out of the deal if certain conditions are not met. For example, the buyer may include a contingency clause stating that the purchase is subject to obtaining a mortgage loan approval from a lender. If the buyer fails to obtain the loan, they can back out of the agreement without any penalty. 3. Montana Agreement for Purchase and Sale of Rights to Cooperative Apartment with Inspection Contingency: This agreement type includes a contingency clause that allows the buyer to conduct a professional inspection of the cooperative apartment. If the inspection reveals significant issues or defects, the buyer may negotiate repairs, request a price reduction, or even withdraw from the agreement. 4. Montana Agreement for Purchase and Sale of Rights to Cooperative Apartment with Seller Financing: In this type of agreement, the seller acts as the lender and provides financing to the buyer. The agreement specifies the terms, interest rate, and repayment schedule of the seller financing. This can be an attractive option for buyers who may face challenges in obtaining a traditional mortgage loan. Regardless of the specific type of Montana Agreement for Purchase and Sale of Rights to Cooperative Apartment, it is crucial for both parties to carefully review and understand the terms and conditions stated in the agreement. It is recommended to seek legal advice or consult a real estate professional to ensure compliance with local laws and regulations.Keywords: Montana Agreement for Purchase and Sale of Rights to Cooperative Apartment, types, detailed description: The Montana Agreement for Purchase and Sale of Rights to Cooperative Apartment is a legally binding document that governs the transfer of ownership rights to a cooperative apartment in the state of Montana, USA. This agreement outlines the terms and conditions agreed upon by both the buyer and the seller, ensuring a smooth and transparent transaction. In Montana, there are various types of agreements for the purchase and sale of rights to cooperative apartments. Some common types include: 1. Standard Montana Agreement for Purchase and Sale of Rights to Cooperative Apartment: This is the most frequently used type of agreement and covers the general terms and conditions of the transaction. It includes provisions regarding the purchase price, payment terms, closing procedures, and the transfer of ownership rights. Both the buyer and the seller must carefully review and agree upon the clauses mentioned in this standard agreement. 2. Montana Agreement for Purchase and Sale of Rights to Cooperative Apartment with Contingencies: This type of agreement includes additional clauses that allow either party to back out of the deal if certain conditions are not met. For example, the buyer may include a contingency clause stating that the purchase is subject to obtaining a mortgage loan approval from a lender. If the buyer fails to obtain the loan, they can back out of the agreement without any penalty. 3. Montana Agreement for Purchase and Sale of Rights to Cooperative Apartment with Inspection Contingency: This agreement type includes a contingency clause that allows the buyer to conduct a professional inspection of the cooperative apartment. If the inspection reveals significant issues or defects, the buyer may negotiate repairs, request a price reduction, or even withdraw from the agreement. 4. Montana Agreement for Purchase and Sale of Rights to Cooperative Apartment with Seller Financing: In this type of agreement, the seller acts as the lender and provides financing to the buyer. The agreement specifies the terms, interest rate, and repayment schedule of the seller financing. This can be an attractive option for buyers who may face challenges in obtaining a traditional mortgage loan. Regardless of the specific type of Montana Agreement for Purchase and Sale of Rights to Cooperative Apartment, it is crucial for both parties to carefully review and understand the terms and conditions stated in the agreement. It is recommended to seek legal advice or consult a real estate professional to ensure compliance with local laws and regulations.
