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 Texas Agreement for Purchase and Sale of Rights to Cooperative Apartment is a legally binding document that outlines the terms and conditions for the transfer of ownership rights to a cooperative apartment in the state of Texas. This agreement is crucial in ensuring a smooth and fair transaction between the buyer and seller. Keywords: Texas, Agreement for Purchase and Sale, Rights, Cooperative Apartment There are different types of Texas Agreement for Purchase and Sale of Rights to Cooperative Apartment, including: 1. Standard Texas Agreement for Purchase and Sale of Rights to Cooperative Apartment: This is the most common type of agreement that covers the basic terms and conditions of the sale, including the purchase price, financing, deposit, closing date, and contingencies. 2. All-Cash Texas Agreement for Purchase and Sale of Rights to Cooperative Apartment: This agreement is used when the buyer intends to purchase the cooperative apartment without any financing or mortgage. It typically includes specific clauses related to the cash payment process and verification of the funds. 3. Seller Financing Texas Agreement for Purchase and Sale of Rights to Cooperative Apartment: In this type of agreement, the seller agrees to provide financing to the buyer instead of relying on a traditional mortgage. The terms and conditions related to the seller financing, such as interest rate, payment schedule, and default clauses, are included in the agreement. 4. Contingent Texas Agreement for Purchase and Sale of Rights to Cooperative Apartment: This agreement is used when the buyer's purchase of the cooperative apartment is contingent upon specific conditions being met, such as obtaining a mortgage, selling their current property, or satisfactory inspection results. The agreement outlines these contingencies and the actions required by both parties. 5. Lease with Option to Purchase Texas Agreement for Purchase and Sale of Rights to Cooperative Apartment: This type of agreement allows a tenant to lease a cooperative apartment with the option to buy it at a later date. It includes provisions related to the lease terms, the option price, the exercise of the option, and any potential credits towards the purchase price. In summary, the Texas Agreement for Purchase and Sale of Rights to Cooperative Apartment is a crucial legal document that protects the rights of both the buyer and seller during the sale of a cooperative apartment in Texas. It is important for all parties involved to carefully review and understand the specific terms and conditions outlined in the agreement before proceeding with the transaction.The Texas Agreement for Purchase and Sale of Rights to Cooperative Apartment is a legally binding document that outlines the terms and conditions for the transfer of ownership rights to a cooperative apartment in the state of Texas. This agreement is crucial in ensuring a smooth and fair transaction between the buyer and seller. Keywords: Texas, Agreement for Purchase and Sale, Rights, Cooperative Apartment There are different types of Texas Agreement for Purchase and Sale of Rights to Cooperative Apartment, including: 1. Standard Texas Agreement for Purchase and Sale of Rights to Cooperative Apartment: This is the most common type of agreement that covers the basic terms and conditions of the sale, including the purchase price, financing, deposit, closing date, and contingencies. 2. All-Cash Texas Agreement for Purchase and Sale of Rights to Cooperative Apartment: This agreement is used when the buyer intends to purchase the cooperative apartment without any financing or mortgage. It typically includes specific clauses related to the cash payment process and verification of the funds. 3. Seller Financing Texas Agreement for Purchase and Sale of Rights to Cooperative Apartment: In this type of agreement, the seller agrees to provide financing to the buyer instead of relying on a traditional mortgage. The terms and conditions related to the seller financing, such as interest rate, payment schedule, and default clauses, are included in the agreement. 4. Contingent Texas Agreement for Purchase and Sale of Rights to Cooperative Apartment: This agreement is used when the buyer's purchase of the cooperative apartment is contingent upon specific conditions being met, such as obtaining a mortgage, selling their current property, or satisfactory inspection results. The agreement outlines these contingencies and the actions required by both parties. 5. Lease with Option to Purchase Texas Agreement for Purchase and Sale of Rights to Cooperative Apartment: This type of agreement allows a tenant to lease a cooperative apartment with the option to buy it at a later date. It includes provisions related to the lease terms, the option price, the exercise of the option, and any potential credits towards the purchase price. In summary, the Texas Agreement for Purchase and Sale of Rights to Cooperative Apartment is a crucial legal document that protects the rights of both the buyer and seller during the sale of a cooperative apartment in Texas. It is important for all parties involved to carefully review and understand the specific terms and conditions outlined in the agreement before proceeding with the transaction.
