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 Oklahoma Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that outlines the terms and conditions for transferring the lease and membership of a cooperative apartment in the state of Oklahoma. This agreement is commonly used in real estate transactions involving cooperative apartments, where the purchaser wishes to acquire both the leasehold interest in the apartment and the cooperative membership. Keywords: Oklahoma, agreement, assign, proprietary lease, cooperative apartment, membership, legal document, terms and conditions, transfer, leasehold interest, real estate transaction. Different types of Oklahoma Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership may include: 1. Standard Agreement: This is the most common type of agreement used for transferring the lease and membership of a cooperative apartment in Oklahoma. It includes provisions for the assignment of the lease, transfer of membership, and details regarding the terms of the leasehold interest. 2. Assignment and Assumption Agreement: This type of agreement is used when the assignee agrees to assume all the rights, duties, and obligations of the assignor under the proprietary lease and membership. It provides a mechanism for the seamless transfer of ownership and responsibilities. 3. Sublease Agreement: In certain cases, a cooperative apartment owner may choose to sublease their unit to another party. This type of agreement specifies the terms under which the sublessee can occupy the apartment and outlines their rights and obligations. 4. Leaseback Agreement: In some situations, the current owner of a cooperative apartment may wish to sell the unit but continue residing in it as a tenant. In such cases, a leaseback agreement is used to outline the terms of the lease between the new owner and the original owner. 5. Membership Transfer Agreement: This type of agreement focuses specifically on the transfer of the cooperative membership from one party to another, without necessarily involving the transfer of the proprietary lease. It may be used when the assignor wishes to retain ownership of the leasehold interest but transfer the rights and responsibilities associated with the cooperative membership. It is important to note that the specific terms and provisions of the Oklahoma Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership may vary depending on the individual transaction and the requirements of the parties involved. Therefore, it is advisable to consult with a legal professional to ensure that the agreement accurately reflects the intentions and protects the rights of all parties.The Oklahoma Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that outlines the terms and conditions for transferring the lease and membership of a cooperative apartment in the state of Oklahoma. This agreement is commonly used in real estate transactions involving cooperative apartments, where the purchaser wishes to acquire both the leasehold interest in the apartment and the cooperative membership. Keywords: Oklahoma, agreement, assign, proprietary lease, cooperative apartment, membership, legal document, terms and conditions, transfer, leasehold interest, real estate transaction. Different types of Oklahoma Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership may include: 1. Standard Agreement: This is the most common type of agreement used for transferring the lease and membership of a cooperative apartment in Oklahoma. It includes provisions for the assignment of the lease, transfer of membership, and details regarding the terms of the leasehold interest. 2. Assignment and Assumption Agreement: This type of agreement is used when the assignee agrees to assume all the rights, duties, and obligations of the assignor under the proprietary lease and membership. It provides a mechanism for the seamless transfer of ownership and responsibilities. 3. Sublease Agreement: In certain cases, a cooperative apartment owner may choose to sublease their unit to another party. This type of agreement specifies the terms under which the sublessee can occupy the apartment and outlines their rights and obligations. 4. Leaseback Agreement: In some situations, the current owner of a cooperative apartment may wish to sell the unit but continue residing in it as a tenant. In such cases, a leaseback agreement is used to outline the terms of the lease between the new owner and the original owner. 5. Membership Transfer Agreement: This type of agreement focuses specifically on the transfer of the cooperative membership from one party to another, without necessarily involving the transfer of the proprietary lease. It may be used when the assignor wishes to retain ownership of the leasehold interest but transfer the rights and responsibilities associated with the cooperative membership. It is important to note that the specific terms and provisions of the Oklahoma Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership may vary depending on the individual transaction and the requirements of the parties involved. Therefore, it is advisable to consult with a legal professional to ensure that the agreement accurately reflects the intentions and protects the rights of all parties.
