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 New York Agreement for Purchase and Sale of Rights to Cooperative Apartment, commonly known as the Cooperative Apartment Purchase Agreement, is a legal contract that governs the transfer of ownership and sale of cooperative apartments in New York City. This agreement outlines the rights and obligations of both the seller (shareholder) and the buyer (prospective shareholder) during the transaction process. Keywords: New York Agreement, Purchase and Sale, Rights, Cooperative Apartment, Legal Contract, Transfer of Ownership, Sale of Cooperative Apartments, Seller, Buyer, Shareholder, Prospective Shareholder, Transaction Process. Types of New York Agreement for Purchase and Sale of Rights to Cooperative Apartment: 1. Standard Cooperative Apartment Purchase Agreement: This is the most commonly used type of agreement in New York City for the purchase and sale of cooperative apartments. It contains standard clauses and provisions that are generally accepted and recognized by the real estate community. 2. Customized Cooperative Apartment Purchase Agreement: In some cases, parties may choose to customize the terms of the agreement to suit their specific needs. This type of agreement allows for greater flexibility in negotiating terms such as price, closing date, contingencies, and other provisions. 3. Board-Approved Cooperative Apartment Purchase Agreement: Cooperative apartments typically require board approval before the sale can be finalized. In this type of agreement, additional clauses and provisions may be added to address the board approval process, including requirements for submitting financial information, references, and other documents as requested by the cooperative board. 4. Sponsor Cooperative Apartment Purchase Agreement: This agreement is specific to situations where the buyer is purchasing a cooperative apartment directly from the sponsor or developer of the building. It may contain specific provisions related to the transfer of sponsor shares, compliance with offering plans, and other requirements unique to sponsor sales. 5. Non-Occupancy Cooperative Apartment Purchase Agreement: This type of agreement is used when the purchaser does not intend to occupy the cooperative apartment themselves but instead is purchasing it as an investment property or for rental purposes. It may include additional clauses related to tenant occupancy, lease agreements, and rules and regulations regarding management and rental of the apartment. In conclusion, the New York Agreement for Purchase and Sale of Rights to Cooperative Apartment is a legally-binding contract that governs the transfer of ownership and sale of cooperative apartments in New York City. The different types of agreements include the standard agreement, customized agreement, board-approved agreement, sponsor agreement, and non-occupancy agreement, each catering to specific circumstances and requirements of the parties involved.The New York Agreement for Purchase and Sale of Rights to Cooperative Apartment, commonly known as the Cooperative Apartment Purchase Agreement, is a legal contract that governs the transfer of ownership and sale of cooperative apartments in New York City. This agreement outlines the rights and obligations of both the seller (shareholder) and the buyer (prospective shareholder) during the transaction process. Keywords: New York Agreement, Purchase and Sale, Rights, Cooperative Apartment, Legal Contract, Transfer of Ownership, Sale of Cooperative Apartments, Seller, Buyer, Shareholder, Prospective Shareholder, Transaction Process. Types of New York Agreement for Purchase and Sale of Rights to Cooperative Apartment: 1. Standard Cooperative Apartment Purchase Agreement: This is the most commonly used type of agreement in New York City for the purchase and sale of cooperative apartments. It contains standard clauses and provisions that are generally accepted and recognized by the real estate community. 2. Customized Cooperative Apartment Purchase Agreement: In some cases, parties may choose to customize the terms of the agreement to suit their specific needs. This type of agreement allows for greater flexibility in negotiating terms such as price, closing date, contingencies, and other provisions. 3. Board-Approved Cooperative Apartment Purchase Agreement: Cooperative apartments typically require board approval before the sale can be finalized. In this type of agreement, additional clauses and provisions may be added to address the board approval process, including requirements for submitting financial information, references, and other documents as requested by the cooperative board. 4. Sponsor Cooperative Apartment Purchase Agreement: This agreement is specific to situations where the buyer is purchasing a cooperative apartment directly from the sponsor or developer of the building. It may contain specific provisions related to the transfer of sponsor shares, compliance with offering plans, and other requirements unique to sponsor sales. 5. Non-Occupancy Cooperative Apartment Purchase Agreement: This type of agreement is used when the purchaser does not intend to occupy the cooperative apartment themselves but instead is purchasing it as an investment property or for rental purposes. It may include additional clauses related to tenant occupancy, lease agreements, and rules and regulations regarding management and rental of the apartment. In conclusion, the New York Agreement for Purchase and Sale of Rights to Cooperative Apartment is a legally-binding contract that governs the transfer of ownership and sale of cooperative apartments in New York City. The different types of agreements include the standard agreement, customized agreement, board-approved agreement, sponsor agreement, and non-occupancy agreement, each catering to specific circumstances and requirements of the parties involved.
